Economic aspects of bankruptcy of enterprises: the meaning of the concept and the causes of its occurrence

The subject of the study is the theoretical and methodical aspects of bankruptcy of enterprises,in the context of the study of the meaning of the concept of "bankruptcy" from the standpoint ofscientists and the legal framework, the characteristics of its key aspects and the outline of the mainreasons for its occurrence in modern business conditions.The purpose of the article is to study the economic aspects of bankruptcy of enterprises in thecontext of defining the meaning of the concept of "bankruptcy" and outlining the main reasons for itsoccurrence.Research methods. In the process of writing the article, theoretical and scientific researchmethods were used to generalize the economic aspects of bankruptcy of enterprises. Systematic andlogical methods were used, which made it possible to ensure the conceptual unity of the research, themethod of analysis to present the definitions of the concept of "bankruptcy" and the main normativeconcepts of the process and procedure of bankruptcy, taking into account the requirements of thelaw, and the method of generalization to systematize the conclusions of the article.Work results. The essence of the concept of "bankruptcy" was studied from the point of view ofscientists–specialists, the main provisions of the legal provision of the main terms and categories of the bankruptcy process of enterprises in accordance with the Bankruptcy Code of Ukraine datedOctober 18, 2018 were analyzed. No. 2597–VIII, the key aspects and economic prerequisites for itsoccurrence at the enterprise are defined.Field of application of results. The sphere of entrepreneurial activity at the micro level with theaim of prevention, avoidance, early detection of bankruptcy of enterprises, organizations, institutionsin Ukraine, taking into account the requirements and procedures of the legislation of Ukraine withinthe framework of the current legal field.Conclusions. As a result of the study, it is suggested that bankruptcy should be understood as theinability of a business entity to pay its debts on time, which is a consequence of the financial crisis andrequires the implementation of a program of anti–crisis measures of the business entity.