Investigation of approaches to determining the essence of bankruptcy of an enterprise

The author presents the perspectives of various domestic and foreign scientists on the definition of "bankruptcy" and formed four approaches to its definition, including bankruptcy as a state of insolvency, bankruptcy as a result of factors, bankruptcy as a tool for withdrawal from the crisis and bankruptcy as a point in life enterprise cycles. In the course of researching the literary sources and legislative documents concerning the concept of "bankruptcy" it was possible to trace its identification with the concepts of "insolvency" and "insolvency"; The distinction of these terms will be presented through the interconnected chain of concepts of bankruptcy institute. The construction of this system is based on changes in the financial state of the enterprise. The distinction of these concepts is also well traced in the model of the life cycle of the enterprise in terms of bankruptcy. The paper presents the classification of the causes of bankruptcy, identifies its stages, the main features of each stage and emergency measures for exit from bankruptcy