Экономические науки/ 3. Финансовые отношения.

Yekaterina Chornoshkur, Ph.D. Yana Okopna

National University for food technologies, Ukraine (Kiev)

Hidden und fictitious bankruptcy

In practice management can often encounter companies that actually are financial and untenable, but for some reasons conceal this fact. In this case we can talk about hidden bankruptcy. For many state enterprises are typical situation where the officers maliciously or by negligence of the entity to demonstrate financial crisis and bankruptcy. On the other hand, a number of entities pursuing certain goals can deliberately declare they bankrupt, not being such. Thus there is a fictitious bankruptcy. To avoid these negative manifestations of the Criminal Code of Ukraine stipulates punishment if entrepreneurs or responsible officials of resorting to them [4].

Objectively hide the fact of bankruptcy is defined by two features: providing false information about the creditor financial condition of an insolvent debtor; causal connection between filing of such data and losses that they suffered a creditor. The motives and goals of concealment of bankruptcy: to hope to improve the financial condition or financial obligations of persons who, in turn, are debtors of the person; to attempt to obtain a bank loan to cover the debt or appropriation of funds received from the subsequent liquidation of the enterprise [1].

The subject hidden bankruptcy may be the founders of the company, owners and officers.

The minimum penalty in the event of a hidden bankruptcy applies are: if hidden financial failure is a result of bankruptcy or other legal entity was caused by violation of the law counterparts (monopolization of the market prices, unfair competition, fraud with financial resources); if it is a consequence of force majeure [3].

The maximum penalties apply if the financial inability is the result of inability to maintain effective financial and economic activity, lack of leadership skills, negligence, theft, all sorts of abuses, errors on the assessment of markets, etc [1]. Fictitious bankruptcy can be called a situation where the company is actually bankrupt, but insists on its financial failure. In this regard, the Criminal Code provides that obviously false statement is a citizen – the founder or owner of the company and officer of the company on financial inability to debt and budget shall be fined from 300 to 500 minimum wages to ban this activity to 5 years. The same actions that caused significant property damage creditors or the state punishable with imprisonment for years are confiscation of property.

Great material damage is loss that exceeds 50 or more times the size of allowances. Damage resulting from failure to return debts are failure to pay interest and taxes [6].

Literature

1. Cherep A. Financial reorganization and bankruptcy entities: a textbook / Alla Skull,. - K: Condor, 2006. - 376 p.

2. Eletski C. Financial reorganization and bankruptcy: Teach method. Guide for self-study course (for students. spec. 7.050107, 7.050106, 7.050104 all forms of education) / Donbas State. Engineering Academy. - Kramators'k, 2006. – 176 p.

3. Kopylyuk A. I, Shtanhret A. M. Financial reorganization and bankruptcy: Training. guidances. / Ukrainian Academy of Printing. - 2.Vidy. - AL: UAH works, 2005. – 150 p.

4. Kondrashyhin A. Financial reorganization and bankruptcy, teach. guidances. / Andrew Kondrashyhin Taras Pepa, Valery Fedorov; M-of Education and Science of Ukraine. - K. Centre textbooks, 2007. - 203 p.

5. Koretskaya C. Financial reorganization and bankruptcy: Training. manual / University of Humanities "Zaporizhia Institute of State. and municipal government." - Brussels: PG "Humanities", 2005. – 159 p.

6. Tereshchenko O. Financial reorganization and bankruptcy: Training. guidances. / Kyiv National Economic University. - K: MBK, 2000. – 412 p.