Financial Analytics: Science and Experience

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

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


  1. Kochetkov E.P. [Solvency of juridical and physical persons: Economic and legal content in the context of bankruptcy procedures (analysis' methodology)]. Mikroekonomika = Microeconomics, 2017, no. 6, pp. 36–51. URL: Link (In Russ.)
  2. Samokhvalova A.Yu. Mekhanizm pravovogo regulirovaniya finansovogo ozdorovleniya kak mera preduprezhdeniya bankrotstva kreditnoi organizatsii: monografiya [Mechanism of legal regulation of financial recovery as a measure to prevent credit institution’s bankruptcy: a monograph]. Moscow, Prospekt Publ., 2018, 151 p.
  3. Goncharov A.I. Pravovye mekhanizmy preduprezhdeniya bankrotstva kommercheskoi organizatsii. Teoriya i praktika [Legal mechanisms for preventing the bankruptcy of a commercial organization. Theory and Practice]. Moscow, Os'-89 Publ., 2006, 288 p.
  4. Mingaliev K.N. et al. Finansovoe ozdorovlenie predpriyatii v usloviyakh retsessii i postkrizisnogo razvitiya rossiiskoi ekonomiki: teoriya i instrumentarii: koll. monografiya [Financial recovery of enterprises in conditions of recession and post-crisis development of the Russian economy: Theory and tools: a multi-authored monograph]. Moscow, IAAC Publ., 2010, 354 p.
  5. Ryakhovskaya A.N., Kochetkov E.P. et al. Planirovanie vosstanovleniya platezhesposobnosti organizatsii – dolzhnikov v protsedurakh bankrotstva: monografiya [Planning the recovery of debtor organization's solvency in bankruptcy proceedings: a monograph]. Moscow, Institute of Economics and Crisis Management Publ., 2012, 320 p.
  6. Ryakhovskaya A.N., Kovan S.E., Kochetkov E.P. Antikrizisnoe upravlenie kak osnova formirovaniya mekhanizma ustoichivogo razvitiya biznesa: monografiya [Crisis management as a basis to form a mechanism of sustainable business development: a monograph]. Moscow, INFRA-M Publ., 2016, 169 p.
  7. Kochetkov E.P. [The anti-crisis restructuring of the organization in a judicial regime: A methodology development plan to restore solvency]. Effektivnoe antikrizisnoe upravlenie = Effective Crisis Management, 2013, no. 4, pp. 66–73. (In Russ.)
  8. Kochetkov E.P. [Formation of the mechanism and methods for developing a corporate solvency recovery plan as a factor of improving the bankruptcy institution in the Russian Federation]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, vol. 8, iss. 17, pp. 11–26. URL: Link (In Russ.)
  9. Koraev K.B. Neplatezhesposobnost': novyi institut pravovogo regulirovaniya finansovogo ozdorovleniya i nesostoyatel'nosti (bankrotstva): monografiya [Insolvency: New institution of legal regulation of financial recovery and bankruptcy: a monograph]. Moscow, Prospekt Publ., 2017, 320 p.
  10. Mamaeva A.V. [Problems of making the judgments about the real possibility of restoring solvency crisis organization]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2013, vol. 6, iss. 43, pp. 29–34. URL: Link (In Russ.)
  11. Bezborodova T.I. [The analysis of standard techniques for the estimation of restoration of ability to meet payments of the organization in the conditions of sanitation]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2011, no. 1, pp. 32–37. URL: Link (In Russ.)
  12. Fridman D. Poryadok v prave. Kakoe otnoshenie ekonomika imeet k pravu i pochemu eto vazhno [Order in the law. What is the attitude of the economy to the law and why it is important]. Moscow, Gaidar Institute Publ., 2017, 576 p.
  13. Beshtoev M.I. [Tendencies of the institution of bankruptcy mevelopment: Movement from repression to debtor's rehabilitation]. Effektivnoe antikrizisnoe upravlenie = Effective Crisis Management, 2015, no. 5, pp. 62–75. (In Russ.)
  14. Kovan S.E., Ryakhovskaya A.N. [Developing a methodology of the substantiation the solvency restoration possibility (impossibility) of debtor-organization in the bankruptcy proceedings]. Biznes v zakone = Legal Business, 2011, no. 6, pp. 210–214. (In Russ.)
  15. Abramishvili N.R., L'vova N.A. [A dynamic model to assess debtor's solvency: On developing the financial analysis standards for arbitration managers]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, vol. 8, iss. 38, pp. 30–41. (In Russ.)
  16. Cheremushkin S.V. [Cash outflows and the risk premium]. Finansy i kredit = Finance and Credit, 2009, vol. 15, iss. 28, pp. 36–51. URL: Link (In Russ.)
  17. Antikrizisnoe biznes-regulirovanie: monografiya [Anti-crisis business regulation: a monograph]. Moscow, Magistr, INFRA-M Publ., 2012, pp. 153–170.
  18. Kochetkov E.P. [Improving the efficiency of functioning of the bankruptcy institution in the Russian Federation: The value-based approach]. Strategicheskie resheniya i risk-menedzhment = Strategic Decisions and Risk Management, 2017, no. 1-2, pp. 60–69. (In Russ.)
  19. Kovan S.E. Teoriya antikrizisnogo upravleniya sotsial'no-ekonomicheskimi sistemami (resursnyi podkhod): monografiya [Theory of crisis management of socio-economic systems (a resource approach): a monograph]. Moscow, INFRA-M Publ., 2013, 160 p.

View all articles of issue


ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 12, Iss. 1
March 2019