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ENSURING ECONOMIC SECURITY ENTERPRISES AS ONE OF THE WAYS OF BANKRUPTCY AVOIDANCE

Breus Svitlana

PhD in Economics, Associate Professor,

Associate Professor of business economics

Kyiv National University of Technologies and Design

Kyiv

Babaieva Tamila

Master’s Degree student

Kyiv National University of Technology and Design

Kyiv

 

ENSURING ECONOMIC SECURITY ENTERPRISES AS ONE OF THE WAYS OF BANKRUPTCY AVOIDANCE

 

According to the Law of Ukraine "On Restoring Debtor’s Solvency or Declaring it Bankrupt", "bankruptcy – recognized by the economic court of the failure of the debtor to restore its solvency through procedures of reorganization and settlement agreement and repay established under the procedure established by this Law, monetary claims of creditors not only through application liquidation procedure" [1].

In terms of domestic and foreign scientists there is no single approach to the definition of "economic security." Authors at work [2] propose to define the concept of economic security as a complex category that describes the ability to set up the enterprise system to resist destabilization of internal and external factors to ensure effective use of its resources (capital, personnel, information technology, machinery, etc.) available market opportunities (competitiveness), as well as other statutory tasks in the current period and the future.

As the S. Mishchenko [3] referring to, L. Shemaieva meaning economic security companies revealed through ensuring the implementation of the strategic interests of the company based on the use of the environment and the use of productive interaction with the subjects of the environment. In the same work [3] the author gives the definition of economic security, noting that, by definition, G. Liannyi, economic security – a condition of his protection from the negative impact of external and internal threats destabilizing factors. The external threats and factors include: the illegal activities of criminal organizations, competitors, companies and individuals engaged in industrial espionage or fraud, insolvent business partners, previously dismissed for various offenses employees, as well as violations of the corrupt elements from law enforcement agencies and control bodies. The internal threats and factors include actions of passivity (including intentional and unintentional) employees, contrary to the interests of its business, the result of which may be causing economic damage company, leaking or loss of information resources (including information constituting commercial secret ), undermining its business reputation in the business circles of problems in relations with actual and potential partners, conflicts with competitors, law enforcement and control bodies and others.

Ensuring economic security is one of the strategic directions of its exit from the crisis, along with such as re-engineering; Controlling; early warning system and response; crisis management using financial stabilization mechanism; sanitation – financial recovery of the company; restructuring of the company. Developing a strategy of always urgent task is to ensure economic security [4].

According to the "Methodical recommendations for the calculating the level of economic security of Ukraine", approved by the Ministry of Economic Development and Trade of Ukraine № 1277 of 29.10.2013 year [5] "economic security – is the state of the national economy, which makes it possible to maintain stability of internal and external threats, ensure high competitiveness in the global economic environment and characterizes the ability of the national economy to sustainable and balanced growth".

With these in mind the following concepts: "bankruptcy", "economic security" and therefore, "economic security" system should be considered in unity.

In the given context, we can conclude that prevent the onset of bankruptcy considering its relationship with economic security is an important task of national entities in the current realities of economic development of Ukraine. That, in future, have a positive influence on the financial and economic performance, will increase its level of economic security and, therefore, economic security.

 

References

1. The Verkhovna Rada of Ukraine (1992), The Law of Ukraine "On Restoring Debtor’s Solvency or Declaring it Bankrupt", available at: http://zakon2.rada.gov.ua/laws/show/2343-12 (Accessed 10 October 2015).

2. Lohutova T.H and Nahaievskyi D.I. (2011) “Economic security of the enterprise: the nature, objectives and methods of”, [Online], available at: http://eir.pstu.edu/bitstream/handle/123456789/730/37.1.pdf?sequence=1 (Accessed 12 October 2015).

3. Mishchenko S.P. (2011), “Conceptual aspects of economic security companies in a market economy”, Marketing and Innovation Management, [Online], vol. 2, available at: http://mmi.fem.sumdu.edu.ua/sites/default/files/mmi2011_2_190_195.pdf (Accessed 15 October 2015).

4. Trots I.V. (2011) “Strategic Guidelines address the problem of bankruptcy the enterprise”, Bulletin Khmelnytsky National University, [Online], vol. 6, no. 1, available at: http://www.science-community.org/uk/system/files/Trots_2011.pdf (Accessed 15 October 2015).

5. Ministry of Economic Development and Trade of Ukraine (2013), “Order of the Ministry of Economic Development and Trade of Ukraine "Methodical recommendations for the calculating the level of economic security of Ukraine"”, available at: http://www.me.gov.ua/Documents/List?lang=uk-UA&tag=MetodichniRekomendatsii (Accessed 16 October 2015).

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