Scientific and theoretical concepts of bankruptcy as a state of economic systems

The increasing influence of global crisis phenomena contributes to the actualization of economic instruments for the protection of entrepreneurs and business guarantees in certain difficult conditions. The state of bankruptcy is one of the types of crisis of an economic system that cannot function due to cause-and-effect relationships that may be obvious or complex, as a result of which a procedural order is introduced. It is advisable to consider the institution of bankruptcy from an economic and legal point of view, since these aspects are closely interrelated, not fully regulated due to the diversity of financial and economic activities. Objectively, there is a need to systematize scientific and theoretical concepts in this field of scientific knowledge. The complexity and diversity of systemic crisis phenomena makes it necessary to form effective approaches and tools for the analysis and management of factors leading to an unstable state of business entities, methods of protection and regulation of procedures for participants in legal relations in the field of bankruptcy. The purpose of the article is to systematize and develop the conceptual foundations of insolvency, taking into account the regulatory and economic component. The article discusses the terminological features of the concepts of bankruptcy and insolvency in scientific works. The object of the article's research is the concepts of bankruptcy. The subject of the research is the analysis of scientific and theoretical concepts of bankruptcy as a state of economic systems. The article proposes a classification of concepts describing bankruptcy as a state of complex economic systems. A comparative analysis of the content of scientific and theoretical concepts describing the state of bankruptcy is carried out. Insolvency is a qualitative characteristic of economic activity, whereas bankruptcy is the result of insolvency within the framework of the termination of the functioning of entrepreneurial activity through the factors of the organizational, economic and production-technical system as a result of non-fulfillment of certain requirements. The insolvency of an enterprise can smoothly turn into active activity, with the application of certain efforts, but also lead to bankruptcy when implementing inefficient management decisions.