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In this article authors presented theoretical aspects of insolvency (bankruptcy) as legal and economic categories, investigated the problem of insolvency and bankruptcy of the debtor who is not fulfilling the obligations, covered the etymological basics of the word «bankruptcy», studied historical aspects of emergence and evolution of a concept of insolvency (bankruptcy), analyzed a large number of definitions of the term «bankruptcy» which considerably differ in complexity and detail, carried out the analysis of the modern legislation of the Russian Federation on insolvency (bankruptcy) and defined insolvency (bankruptcy) as the inability of the debtor recognized by arbitration tribunal in full to meet requirements of creditors for liabilities, about payment of severance pays and (or) about compensation of the persons working or working according to the employment contract and (or) to fulfill a duty on payment of obligatory payments. Authors devoted this article to definition of the terms «bankruptcy» and «insolvency», several approaches to their differentiation. They investigated various approaches to a ratio of the concepts «insolvency» and «bankruptcy» and considered the question of a ratio of concepts of insolvency and bankruptcy. In view of the current Russian approach to identical definition of the concepts «bankruptcy» and «insolvency», there is a number of problems in identification of an adequate financial information on economic entity. In most cases, reference of the organizations which are in a pre-crisis state refers to crisis bankrupts whose improvement mistakenly is impossible and inexpedient. Authors considered institute of bankruptcy as the integral line of market economy, established the interrelation of bankruptcy with institutes of market economy and investigated six stages of business to final financial crash.


arbitration tribunal; bankruptcy; legal category; insolvency; economic category

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