THE SUBJECT OF ECONOMIC AND LEGAL REGULATION OF THE FUNCTIONING OF LIMITED LIABILITY COMPANIES AND THE LEGAL BASIS OF THEIR SOLVENCY

Abstract

Abstract. This scientific article is devoted to the problems of determining the subject of economic and legal regulation of the functioning of limited liability companies and the legal foundations of their solvency. The work examines the definition of the concepts of legal regulation, the subject of legal regulation, the system of insolvency law, an integral part of which is the institution of insolvency of debtors – legal entities, in particular, limited liability companies. The author analyzed the norms of the Code of Ukraine on bankruptcy procedures, the Commercial Code of Ukraine, the Civil Code of Ukraine, the work of domestic scientists in the context of the subject under study. It is emphasized that with the adoption of the Code of Ukraine on Bankruptcy Procedures, there was an introduction of the principle of concentration of all disputes, including property, with debtors – limited liability companies within the framework of a single open bankruptcy proceedings. The article characterizes the insolvency relations through the analysis of studies of domestic authors, establishes that they have a complex public-private nature, aimed at establishing the conditions and procedure for restoring the solvency of limited liability companies or declaring them bankrupt through the application of the liquidation procedure in order to fairly and proportionately satisfy the creditors’ claims. The article summarizes that the subject of economic and legal regulation of the functioning of limited liability companies and the legal foundations of their solvency consists of four elements: subjects; their behavior; objects; facts that are the direct grounds for the emergence or termination of relevant legal relations. Attention is focused on the fact that the legal relations that develop between debtors – limited liability companies with creditors in judicial procedures, relations on arbitration management, and in the bankruptcy procedures of the respective enterprises as a whole, are terminated on the grounds specified in part one of Article 90 of the Code of Ukraine on Procedures, that is, with the decision of the economic court to close bankruptcy proceedings.