Financial Analytics: Science and Experience

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Corporate recovery in bankruptcy procedures: Essence, methodology for justification, forms and criteria for recovery

Vol. 12, Iss. 1, MARCH 2019

Received: 30 July 2018

Received in revised form: 22 August 2018

Accepted: 16 September 2018

Available online: 28 February 2019


JEL Classification: G33

Pages: 38–56

Kochetkov E.P. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject The article considers the essence of the corporate recovery concept, defines legal and economic criteria of solvency restoration, formulates a methodology for substantiating the possibilities to recover debtor's solvency.
Objectives The aim is to conduct an integrated study of the essence of corporate recovery from economic and legal viewpoints based on the practice of the institution of bankruptcy in Russia and abroad.
Methods I employ various methods of scientific research, like logical (deduction, induction), empirical (comparison), and analytical methods. The study rests on the systems approach.
Results The paper defines the substance of debtor's solvency recovery, gives scientific credence to legal and economic criteria of corporate recovery. I perform the comparative analysis of existing approaches to substantiating the possibility of solvency restoration, and reveal forms of corporate recovery.
Conclusions and Relevance The legal criteria for corporate solvency recovery should be supplemented by economic criteria that ensure the survival of business in strategic perspective. The unveiled forms of solvency recovery enabled to define the most effective form, which takes into account the interests of creditors and the entire society. Therefore, it is necessary to introduce the said form in the legislation.

Keywords: corporate recovery, financial solvency, bankruptcy


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