1.4 Characteristics of the depth of the status bankruptcy.

Status of the debtor's inability to pay its liabilities is called bankruptcy (from the Italian. Banco - bench and rotto -broken). The history of the formation and development of market economy in developed countries show uneven process of the enterprise, the presence of fluctuations in production values and sale of products. The emergence of recession is defined as a crisis situation and is regarded as a kind of general pattern for all businesses that are closely aligned with the nature of their life cycle, which can arise at any of its stages. The decline in production causes the state of bankruptcy, which is characterized by a period of time and lasts for the second phase of the life cycle of the enterprise, differing in this case, "the amplitude of the fall" on each interval phase. In depth the bankruptcy is distinguished by the steps:

• I stage - allowable bankruptcy - describes the origin of the negative state occurs at the stage of the life cycle of "reorganization", when appeared the threat of loss of profits from business activities;

• II stage - crucial bankruptcy - defines the strengthening of the negative trends on the stage of "recession" when the costs of implementing the activities necessary compensate by the expense of creditors;

• III stage - a catastrophic bankruptcy - occurs at the stage of "bankruptcy" and "liquidation" of the life cycle of the enterprise, followed by its closing or forced liquidation, which is the result of sale of property to repay creditors. In this case, the debtor loses the right to manage and dispose of their property. The right moves to the liquidators - individuals appointed to manage the property of the debtor and forced liquidation.

At each stage of the negative trends status of enterprise has its own distinctive features: stage I: the delay in reporting, reducing its quality, changes in the structure of the balance: a sharp reduction in money accounts, an increase in receivables and payables, their aging and unbalance; decline in sales, unjustified change of suppliers, changes in the Structure of Management, all sorts of reorganization enterprises (opening and closing of offices, affiliates, subsidiaries, etc.), a hidden price cut the company, its shares drop rate, decrease of income (profit) from operating activities;

stage II: problems with cash, reducing cash receipts from economic operation; conflict in top management, violation of terms of payment of salaries, growth in turnover, the deterioration of the socio-psychological climate in the workplace, establishing unrealistic prices for the products; extraordinary audit of financial and regulatory authorities, difficulties in obtaining commercial loans, the emergence of losses; stage III: unsatisfactory structure of balance, accumulation in stock of finished goods, which is certainly not realized, the fall in output, low wages, shorter working day(week), an increase of losses, lack of working capital, inability to pay off urgent liabilities.

It follows that a bankruptcy - although painful, but regular process, and therefore is subject to control. Status of insolvency of enterprises is unevenly by external features, according to which the management is complex and nonuniversal. It is implemented as a macro-level - through the established system of monitoring and micro-economic activity - as a result anticrisis management.⁶