13.1 The concept of "bankruptcy of an enterprise"

The emerging market management system necessitates rethinking the forms and methods of running the enterprise's economy, a new approach to the place and role of the latter in the development of social production. It is known that in the period of transition to the market, fundamentally new organizational and legal forms of enterprises arise and develop, new economic relations with the state, new economic relations with suppliers of raw materials and equipment, with trade, etc. Along with the new conditions for doing business, creating and developing an enterprise, obligations and requirements for them also appeared. Responsibility and obligations of the company determine the fulfillment of its obligations to partners and customers. The principle of responsibility for the results of its financial and economic activities is implemented in the event of losses, the inability of an enterprise to satisfy creditors' claims for payment for goods (works, services) and to provide financing for the production process, i.e. at the onset of bankruptcy of the enterprise. This seems to be natural and expedient in a developed market economy, it presupposes the creation and functioning of a well-functioning mechanism and procedure for bankruptcy.

The relevance of projects and programs for the development of a strategy for preventing bankruptcy of an enterprise is recognized by state bodies of the Republic of Kazakhstan. “Offenses in the implementation of bankruptcy legislation are a serious problem. In 2003 alone, on the basis of deliberate bankruptcy or false bankruptcy, the financial police instituted criminal cases on 40 crimes, which is six times more than in 1998-1999.
As a result, the state loses billions of tenge in the form of tax shortfalls, since the distribution of the most valuable assets of the enterprise occurs at the stage of preparation for bankruptcy through the registration of collateral and the sale of assets at low prices to affiliated persons. Debts to the state are satisfied no more than 5-10%. In addition, the bankruptcy of enterprises is used as a way of illegal transfer of state property to non-state property ”.

Most enterprises, starting or continuing their activities, strive to be successful and, consciously or unconsciously, are guided in tactical planning by a growth strategy or a strategy of stability (limited growth). At the same time, due to the strengthening of market mechanisms in the country's economy, the emergence of negative unexpected phenomena in the external and internal environment, or errors in management, the enterprise can get into a crisis state, which in its further development will lead to insolvency (bankruptcy). That is, a situation is possible when there is an unplanned transition in the direction of enterprise development from strategies that correspond to success to a reduction strategy.

Under bankruptcy it is understood that the inability of a legal entity - a business entity to satisfy the claims made against it by creditors on the part of creditors and to fulfill obligations to the budget due to the lack of assets in a liquid form. The ability to navigate a bankruptcy situation, which is so necessary at the moment, is the art of survival. This problem is faced by any company, regardless of countries of production and markets. For example, the Harvard Business School identifies extreme management as one of the key problems of today's management, i.e. each link must have a pre-developed plan of action for all extreme situations. The problem of extreme management is most acute for managers of firms in post-socialist countries like Kazakhstan, who find themselves in unfamiliar conditions of the need to independently choose their own path of development and be responsible for this choice in the form of non-receipt of profit.

From the point of view of the financial manager of an enterprise, bankruptcy is the inability of an enterprise to finance its current operating activities and pay off urgent liabilities. Bankruptcy is a consequence of the imbalance in the financial system of reproduction of the capital of an enterprise, the result of its ineffective pricing and investment policy.

One of the reasons for the crisis state of the enterprise is unsatisfactory management, which can manifest itself in different aspects:

Late diagnosis of the problem;

The lack of action to eliminate it, perhaps even deliberate;

Lack of the necessary personnel and knowledge to implement effective leadership.

Of course, the management of any company cannot stabilize the economic situation in the country, however, it is in its power to track in time all kinds of negative impacts on the company, both external and internal, and take measures to eliminate them, that is, to carry out anti-crisis management, which includes the prevention of bankruptcy ; reorganization (rehabilitation) - a procedure in which the owner of the enterprise, the creditor or other interested person provides financial assistance to the enterprise-debtor; liquidation.

The insolvency (bankruptcy) of an enterprise is understood as the inability to satisfy the claims of creditors for payment for goods, works, services, including the inability to ensure obligatory payments to the budget, to extra-budgetary funds due to the unsatisfactory structure of the debtor's balance sheet. According to the bankruptcy law, an enterprise is understood as a legal entity engaged in entrepreneurial activity, or entrepreneurs who do not form legal entities, or an individual citizen-entrepreneur. An unsatisfactory balance sheet structure is such a state of the debtor's property and liabilities, when, even at the expense of the property, timely fulfillment of obligations to creditors cannot be ensured due to the insufficient degree of liquidity of the debtor's property. In this case, the total value of the property may be equal to the total amount of the debtor's obligations or may exceed it.

Entrepreneurship is always fraught with the risk of loss. The source of uncertainty is all stages of reproduction - from the purchase and delivery of raw materials, materials and components to production and sale. The relationship between risk and profit is fundamental for understanding the nature of entrepreneurship, developing effective methods for its regulation. In the real economy, uncertainty becomes a source of either gain or loss, with the gains for more successful firms occurring at the expense of losses for less fortunate ones.

Shareholders and creditors expect remuneration in line with market conditions, interest and dividend rates on similar bonds, shares and other types of financial liabilities. Their calculations can be justified only if the profit is sufficient to make payments.

The weighted average expected payments as a percentage of the borrowed and equity capital are the cost of capital. These payments are provided by the actual profit of the company, the profitability of the use of its assets. One of the first signs of bankruptcy is when a firm’s profitability falls below its cost of capital. Interest on loans and dividends paid by a firm ceases to meet the prevailing market conditions, and the investment in this firm becomes unprofitable. Lenders receive fixed amounts determined by the loan agreements, but the relative profitability of their investments in this company decreases, and due to the fall in the value of equity capital, the share price also falls, the risk of repayment increases, the company has difficulties with cash, especially if lenders do not renew loan agreements for the next period, and the company has to pay not only interest, but also the amount of the principal debt. A liquidity crisis may arise and the firm will enter a state of technical insolvency. This stage of decline can be viewed as bankruptcy, which is the reason for going to court. However, an even deeper fall is possible.



A decrease in the profitability of a firm means a decrease in its price. The price of a firm is the current stream of payments to creditors and shareholders. The price of the firm may fall below the amount owed to creditors. This means that the share capital disappears, i.e. this is a complete bankruptcy - bankruptcy of shareholders, but the price of the company may fall below the liquidation value of the assets.

Signs of bankruptcy of the company

An external sign of bankruptcy (insolvency) is the suspension of current payments when the company does not provide or is knowingly unable to ensure the fulfillment of creditors' claims (according to Russian law, within three months from the date of their due date). There are signs indicating a possible deterioration in the business situation. Comparison of the data of the financial statements of the company with data for a number of periods and the average data for the industry provides important information, as well as an analysis of the balance sheet of the company. Delays in the submission of reports, its low quality should be the reason for the analysis of the process of its preparation.

Changes in the balance sheet items, both on the part of liabilities and on the part of assets, can indicate trouble in the finances of the enterprise. Moreover, for each balance sheet item, there are certain optimal sizes, and both an increase and a decrease in balance sheet amounts, in general, a sharp change in the balance sheet structure can be dangerous. Undoubtedly, the negative is the decrease in cash on the current account of the enterprise. But even a sharp increase may indicate unfavorable trends, for example, a decrease in growth opportunities and investment efficiency.



An alarming factor is the increase in the relative share of receivables in the assets of the enterprise, i.e. customer debt, aging of accounts receivable. This means that either the business is pursuing an unreasonable commercial credit policy towards its customers, or the customers themselves are delaying payments. External changes in accounts receivable items may hide an unfavorable concentration of sales to too few buyers, bankruptcy of the firm's customers or concessions to customers, etc.

To assess the state of the company, it is necessary to analyze the data on inventories. Not only an increase in stocks, which often means overstocking, is suspicious, but also a sharp decline. The latter can mean interruptions in production and supply and result in non-fulfillment of supply obligations. All kinds of dramatic changes in investment in inventories are indicative of the instability of production.

On the part of the liability side of the balance sheet, a signal of trouble can be an increase in the enterprise's debt to its suppliers and creditors: aging accounts payable, explicit replacement of accounts receivable with accounts payable. The increase in indebtedness to employees, shareholders, financial authorities should also give rise to concerns about insolvency.

Business income and earnings accounts can also signal trouble. It is alarming when the volume of sales declines, but their rapid growth is also suspicious. The latter may mean an increase in debt obligations, an increase in tension with cash. An increase in overhead costs and a decrease in profits can cause concern.

For the convenience of analyzing the company's solvency, a compacted analytical balance is used - net, formed by aggregating elements of balance sheet items that are homogeneous in composition in the necessary analytical sections: real estate, current assets, etc.

An enterprise in the course of its activity is exposed to many diverse factors, knowledge of the features of which is of great importance in the implementation of anti-crisis management.

Depending on the direction of influence, these factors can be positive or negative. The impact of the latter drives the enterprise to a state of bankruptcy.

Causes of problems

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There are many negative factors that cause enterprise insolvency. They are subdivided into external, originating outside the enterprise and, as a rule, not falling within the sphere of its influence, as well as internal, associated with shortcomings and mistakes made by the management and employees of the enterprise.

In countries with classical market economies, one third of the bankruptcy of companies is caused by external factors, and two thirds - by internal ones. In our country, as practice shows, the proportion is reversed, that is, enterprises often become insolvent not through the fault of managers, but because of the unstable economic and political situation, imperfect legislation, corruption, etc.

Among the key factors of an external nature is inflation, changes in the conditions for working with banking organizations, tenants, the introduction of new and an increase in old taxes. Some of them lead to sudden bankruptcy, while others accumulate and intensify, causing a gradual deterioration in the economic performance of the enterprise.

The most dangerous internal factors are the inexperience and incompetence of leaders and managers, their inability to quickly find their bearings in a rapidly changing market environment, a conservative way of thinking.

The subjective reasons for bankruptcy, directly related to the economy, are:

  • the inability of leaders to avoid the emergence of his threat in the future;
  • drop in sales due to insufficient knowledge of demand, poorly established sales network, weak marketing campaign;
  • a decrease in the volume of products, a deterioration in their quality, a decrease in cost;
  • excessively high cost or low profitability of manufactured products;
  • excessively extended production cycle;
  • the presence of large debts, mutual non-payments;
  • the inability of managers representing the old school to quickly adapt to changing market realities, to choose the correct and effective investment, financial and pricing policy, and to organize the production of products in demand.

Important points

Goals

There are various ways to prevent bankruptcy of an enterprise, among which anti-crisis management plays a key role.

When implementing it, the following goals are mainly pursued:

  • ensure liquidity and solvency through the most rational combination of own sources of funds with borrowed funds;
  • increase profitability and profitability to such a level that all the needs of both the company's core business and investment and financial needs are satisfied.

In a financial crisis, there is inevitably a change in the strategy, goals of the enterprise, as well as the ways in which they are achieved. A key feature of anti-crisis management is a strict time limit, changing the criteria according to which decisions are made.

Property questions

While developing methods by which you can bring an enterprise out of a crisis state, it is worth considering the possibilities for its restructuring. It implies reforming the enterprise as a whole, changing its structure through the introduction of an effective supply, sales, financial, investment and personnel anti-crisis policy.

The ultimate goal of restructuring is to bring the enterprise to the level of functioning that would allow it to achieve sufficient profitability.

Restructuring of the property complex implies:

  • determination of the company's position in the market for certain types of products;
  • allocation of parts of the property complex corresponding to the types of products produced;
  • carrying out organizational measures aimed at identifying centers responsible for different parts of the property complex;
  • sale of surplus property.

Selection criteria

Timely identification of the imbalance in the activities of the enterprise is the most important condition for preventing its complete bankruptcy:

The main criteria to be guided by are:
  • the total value of the property of the enterprise, equal to the balance sheet currency at the beginning and end of the analyzed period;
  • the cost of current and non-current assets;
  • the cost of inventories of the material and production base;
  • the amount of personal capital of the enterprise;
  • the amount of borrowed funds;
  • the volume of personal funds in circulation.
Reasons for taking action may include:
  • no growth of the balance sheet currency at the end of the analyzed period;
  • the growth rates of non-current assets exceed the growth rates of current assets;
  • the size of the company's equity capital does not reach 50 percent, and in terms of growth rates, it is inferior to borrowed capital;
  • accounts payable in terms of growth rates exceeds accounts receivable.

Potential risks

For enterprises operating in a modern market economy, the following financial risks are most characteristic, as well as risks of a different nature, which do not allow them to fully develop and can lead to their bankruptcy:

  • a low level of management efficiency due to the lack of a long-term strategy and the priority of short-term results, low-skilled and unmotivated employees, ineffective financial management and financial cost management;
  • insufficient responsibility of the executives of the enterprise for the decisions made, the effective use of property and the results of financial and economic activities before the founders;
  • small size of the authorized capital (in the case of);
  • the lack of a mechanism that would allow for the effective enforcement of court decisions, especially those related to foreclosure on property owned by the debtor;
  • insufficient unity of the enterprise from the point of view of the property complex, which negatively affects its investment attractiveness;
  • large spending on social, cultural and housing and communal facilities;
  • the use of the practice of cross-subsidization, as well as the heterogeneity of the structure of production costs;
  • lack of real information about the financial and economic condition of the enterprise.

Fighting a custom scheme

Bankruptcy is often used as a way to legally take over a business. In this regard, the task of the enterprise owner is to competently establish the structure of his business and enlist the support of qualified specialists who are able to develop measures to prevent attacks from unfriendly structures. An ideal built business is when raiders, even at the development stage, understand the futility of attempts to seize an enterprise.

One of the most important points is to prevent possible information leakage from the enterprise. Despite the fact that some data raiders can get from open sources, information from internal sources is of the greatest value. It is on the basis of it that in most cases a decision is made about the possibility and expediency of capture.

It is also extremely important to be careful with your own credit obligations. It is highly advisable not to use the most valuable property as collateral so that a credit institution does not take it away.

If the fulfillment of credit obligations on time is impossible, it is necessary to take care of the search for on-lending options in advance, so as not to jeopardize the entire business.

The main ways to prevent bankruptcy of an enterprise

Main directions

In the process of finding a way to prevent bankruptcy of an enterprise, it is important to conduct a competent analysis of the financial condition of the enterprise.

This is necessary in order to:

  • to assess the dynamics of the composition, structure and movement of assets, as well as sources of equity and debt capital, to understand in what state they are;
  • analyze the absolute and relative indicators characterizing the financial stability of the enterprise, assess how its level changes;
  • analyze the solvency of the enterprise and the liquidity of the assets on its balance sheet.

The main purpose of the analysis is the timely identification and elimination of shortcomings in the financial activities of the enterprise, the search for reserves to improve the financial situation, increase the company's solvency.

Another significant direction, the possibility of which must be taken into account in the context of bringing the enterprise out of the crisis, implying its general reform through the introduction of an effective financial, supply, sales, price, investment and personnel anti-crisis policy.

Crisis approaches

One of the methods of preventing the enterprise crisis is the timely reorientation of the direction of its activity. To do this, it is necessary in advance, during the period of stable development of the company, to allocate funds for marketing research and reorientation of activities at the right time.

However, since this is not always possible, most often one has to deal with being on the verge of a crisis.

To do this, use one of the following approaches:

Useful activities

The number of measures to improve the health of the company, improve its financial condition, include:

  • changes in methods and forms of management;
  • launching the production of new products, improving its quality;
  • conducting a more effective marketing policy;
  • minimization of production costs;
  • reduction of accounts receivable and payable using pre-trial methods of settling relations with creditors;
  • increase in the percentage of own funds in the total volume of current assets;
  • sale of surplus, unused equipment and materials, unfinished production and manufactured products;
  • sale of subsidiaries and shares in other companies;
  • suspension of capital construction;
  • work on expanding export efficiency;
  • optimization of the number of employees at the enterprise.

The strategy of preventing the insolvency (bankruptcy) of the company and methods of forecasting it.

The insolvency (bankruptcy) of an enterprise is understood as the inability to satisfy the claims of creditors for payment for goods, works, services, including the inability to ensure obligatory payments to the budget, to extra-budgetary funds due to the unsatisfactory structure of the debtor's balance sheet.

An external sign of bankruptcy (insolvency) is the suspension of current payments when an enterprise fails or is deliberately incapable of ensuring the fulfillment of creditors' claims (according to Russian law, within three months from the date of their due date).

There are signs indicating a possible deterioration in the business situation. Comparing the data of the financial statements of the company with data for a number of periods of time and the average data for the industry, as well as the analysis of the balance sheet of the company, provides important information. Analysis with the provision of reporting, its low quality should be the reason for the analysis of the process of its preparation. Delays can indicate the ineffective work of the financial services of enterprises, the unsuccessful construction of the information system, which increases the likelihood of making ineffective decisions.

A sign of bankruptcy can be an unexpected system of auditors, tick and long-term cooperation with the same audit firm.

Changes in the balance sheet items, both on the part of liabilities and on the part of assets, can indicate trouble in the finances of the enterprise. Moreover, for each balance sheet item, there are optimal sizes, and both an increase and a decrease in balance sheet amounts, in general, a sharp change in the balance sheet structure can be dangerous. The decrease in cash on the current account of the company is definitely negative. But a sharp increase can also indicate unfavorable trends, for example, a decrease in growth opportunities and investment efficiency.

An alarming factor is the increase in the relative share of receivables in the assets of the enterprise, i.e. customer debt, aging of accounts receivable. This means that either the company is pursuing an unreasonable commercial credit policy towards its customers, or the customers themselves are delaying payments. External changes in accounts receivable items may hide an unfavorable concentration of sales to too few buyers, bankruptcy of the firm's customers or concessions to customers, etc.

To assess the state of the company, it is necessary to analyze the data on inventories. Not only an increase in stocks, which often means overstocking, is suspicious, but also a sharp decline in them. The latter can mean interruptions in production and supply and result in non-fulfillment of supply obligations. Any abrupt changes in investments in inventories speaks of the instability of production.

In general, it is necessary to control the tendencies to the liquidity of the enterprise, that is, its ability to fulfill its current obligations. The reason for additional research should be not only a decrease in liquidity, but also a sharp increase in it.

On the part of the liability side of the balance sheet, a signal of trouble can be an increase in the enterprise's debt to its suppliers and creditors, aging accounts payable, and a clear replacement of accounts receivable with accounts payable. A more detailed analysis may reveal an unfavorable change in the lending policy in relation to the enterprise on the part of individual lenders and suppliers. Increases in positions for employees, shareholders, financial authorities should be a cause for concern about insolvency.

Business income and earnings accounts can also signal trouble. It is bad when sales are declining, but their rapid growth is also suspicious. The latter may mean an increase in debt obligations, an increase in tension with cash. Anxiety can also cause an increase in overhead costs and a decline in nailed down if it is slower than sales growth.

Modern economic science has in its arsenal a large number of various techniques and methods for predicting financial indicators. However, for an express analysis of the financial condition of an economic entity, the need for most of them decreases. Let us consider three main approaches to forecasting the financial condition from the position of a possible bankruptcy of an enterprise: a) calculation of the creditworthiness index; b) the use of a system of formalized and non-formalized criteria; c) forecasting of indicators of solvency.

Altman's index is a function of some indicators characterizing the economic potential of the enterprise and the results of its work over the past period. In general terms, the creditworthiness index (Z) has the form:

where indicators K1, K2, K3, K4, K5 are calculated according to the following algorithms:

The critical value of the Z index was calculated by Altman from the data of a static sample and amounted to 2.675. The calculated value of the creditworthiness index for a particular company is compared with this value. This allows you to draw the line between enterprises and make judgments about the possible in the foreseeable future (2-3 years) bankruptcy of some (Z<2,675) и достаточно устойчивом финансовым положения других (Z>2,675).

Calculation of the creditworthiness index in its most complete form is possible only for companies listing their shares on stock exchanges. In addition, an orientation towards any one criterion, even one that is very attractive from the standpoint of theory, is not always justified in practice. Therefore, many large audit firms and other companies engaged in analytical reviews, forecasting and consulting use criteria systems for their analytical assessments. Of course, this also has its drawbacks - it is much easier to make a decision in a single-criteria problem than in a multi-criteria problem. At the same time, any predictive decision of this kind, regardless of the number of criteria, is subjective, and the calculated values ​​of the criteria are more like information for thought, rather than incentives for making immediate decisions of a volitional nature.

As an example, we can cite the recommendations of the Committee for the Generalization of Listening Practice (Great Britain), containing a list of critical indicators for assessing the possible bankruptcy of an enterprise. Based on the developments of Western audit firms and refracting these developments to the domestic specifics of the introduction of a business, we can recommend the following two-level system of indicators.

The first group includes criteria and indicators, the unfavorable current values ​​of which and the emerging dynamics of change indicate possible significant financial difficulties in the foreseeable future, including bankruptcy. These include:

Recurring significant losses in the main production activity;

Exceeding a certain creditor level of some accounts payable;

Excessive use of short-term borrowed funds as sources of financing for long-term investments;

Persistently low values ​​of liquidity ratios;

Chronic shortage of working capital;

The share of borrowed funds in the total amount of sources of funds is steadily increasing to dangerous levels;

Wrong reinvestment policy;

Exceeding the amount of borrowed funds over the established limits;

Chronic failure to fulfill obligations to investors, creditors and shareholders (in relation to the timeliness of loan repayment, interest and dividend payments);

High proportion of overdue receivables;

Existence of excess and non-standard goods and production stocks;

Deterioration of relations with institutions of the banking system;

Use (forced) of new sources of financial resources on relatively unfavorable terms;

Application in the production process of equipment with expired service life;

Potential loss of long-term contracts;

Unfavorable changes in the order book.

The second group includes criteria and indicators, the unfavorable values ​​of which do not give grounds to consider the current financial condition as critical; however, they point out that under certain conditions, circumstances or failure to take effective measures, the situation can deteriorate sharply. These include:

Loss of key management staff;

Forced stops, as well as disruption of the rhythm of the production and technological process;

Lack of diversification of the enterprise, i.e. excessive dependence of the financial results of the enterprise on any one specific project, type of equipment, type of assets, etc.;

Excessive stake on the possible and predictable success and profitability of a new project;

The participation of an enterprise in litigation with an unpredictable outcome;

Loss of key counterparties;

Underestimation of the need for constant technical and technological renewal of the enterprise;

Ineffective long-term agreements;

Political risk associated with the enterprise as a whole or its key divisions.

Not all of the considered criteria can be calculated directly from the accounting data; additional information is needed. As for the critical values ​​of these criteria, they should be detailed by industry and sub-industry, and their development can be performed after the accumulation of certain static data.

5. Selection of a bankruptcy prevention strategy

Improving the financial position of an enterprise as an integral part of managing crisis situations and bankruptcy presupposes a targeted selection of the most effective means of strategy and tactics necessary for a specific case and a specific enterprise. The study of the experience of overcoming crisis situations of many enterprises makes it possible to formulate some general procedures, obligatory for each enterprise, on the basis of which 2 most common types of tactics can be distinguished.

Defensive tactics (Fig. 1) are based on saving measures, the basis of which is the reduction of all costs associated with production and sales, maintenance of fixed assets and personnel, which leads to a reduction in production as a whole. Such tactics are used, as a rule, under a very unfavorable combination of external circumstances. However, this tactic, which may be effective for individual enterprises expecting a revival of business activity and favorable market conditions, is unacceptable for the majority of enterprises. It is obvious that the massive use of protective tactics by most enterprises causes an even deeper crisis of the national economy and therefore does not lead to the financial well-being of enterprises using it, which is understandable - after all, the main causes of the crisis situation are outside the enterprise. The defensive tactics of the enterprise are limited, as a rule, by the use of appropriate operational measures: elimination of losses, reduction of costs, identification of internal reserves, personnel changes, strengthening of discipline, an attempt to settle matters with creditors (deferral of debts) and with suppliers, etc.

Offensive tactics are more effective, that is, conducting not so cooperative as strategic measures. In this case, along with resource-saving measures, active marketing is carried out, the study and conquest of new sales markets, the establishment of higher prices, an increase in costs for improving production through its modernization, updating fixed assets, and introducing promising technologies.

At the same time, the management of the enterprise is changed or strengthened, a comprehensive analysis and assessment of the situation is carried out, if necessary, the philosophy and basic principles of the enterprise are corrected, i.e. its strategy changes, in accordance with which production programs are revised, the company's position in the market is strengthened and new market segments are conquered, the range of products is updated. All this is reflected in the developed concept of financial, industrial and personnel recovery, in accordance with which the financial, marketing, technical and investment programs that allow increasing the financial well-being of the enterprise.

The civilized type of bankruptcy system includes not only enterprises and partners associated with them with all kinds of obligations (creditors, suppliers, etc.), but also public authorities (Fig. 2). Of course, the role of the latter (if they are not owners of enterprises) differs from the role of other participants in the bankruptcy system. State authorities must ensure the functioning of the organizational, judicial (legal) and social security of the bankruptcy system.

Effective implementation of the goals and objectives of the bankruptcy system presupposes the development of a number of techniques and methodological developments that standardize the main processes.

The use of analytical methods (for drawing up programs for financial, industrial and technical recovery, management, drawing up investment plans, external management, bankruptcy proceedings, reorganization, etc.) will allow a thorough analysis of the financial condition, the enterprise management system, its production and marketing activities.

Rice. 1. Enterprise crisis management


Rice. 2. Participants in the bankruptcy system

The term "strategy" is used in different meanings: as the art of the leader of social and political struggle, as a detailed plan for conducting this struggle. The strategy defines the rules for the long-term allocation of resources.

The essence of the anti-crisis management strategy is to use the concept "from the future to the present, and not from the past to the future." The sequence of the anti-crisis strategy can be as follows:

· Formation of the company's mission;

· Development of the direction of the firm, which reflects its internal conditions and capabilities;

· Assessment of factors of competition;

· Analysis of the firm's activities, the coordination of its resources with the external environment;

· Selection of certain long-term assignments and grand strategies that will ensure the achievement of the desired goals;

· The use of strategic measures to open reserves;

· Evaluating strategic processes in order to use the acquired experience in making subsequent decisions.

The importance of the anti-crisis strategy for each enterprise is determined by many factors. Strategic management reveals the content of promising areas of activity, thanks to which members of the organization know how and where to direct their efforts. Without a strategic plan, the management of organizations will be focused on daily activities, while a competitor, by maneuvering resources, will ensure its superiority for a long period in a strategic direction.

The components of the anti-crisis strategy process are the concepts of "company profile", "portfolio", "external environment", "goal", "strategy", "type of strategic management", etc.

Strategies can be classified according to various criteria. So, if the enterprise is not satisfied with the size of the controlled market and the size of the profit received, then the “creation” strategy will be appropriate. Its essence lies in using the entire arsenal of marketing to expand the market and conquer new market segments.

A fairly common strategy is “skimming”, aimed at a sharp increase in profits by reducing the market share. According to this strategy, a part of the market is given to the competitor, and the money received from the sale of trade and sales enterprises goes to the cashier of the enterprise as his direct gain.

Some enterprises use the "holding strategy" when they are satisfied with the size of the market share and they do not want or cannot increase it through limited resources or for other reasons.

Depending on the target level of sales promotion costs and the pricing policy, enterprises can use a strategy of intensive or passive marketing, screening or widespread penetration. An enterprise's approach to strategy selection is determined by the phase of the product life cycle and other factors.

In foreign practice, three approaches of strategic management outweigh: entrepreneurial, adaptive and planning.

The entrepreneurial type of strategic management is characterized by the farsightedness of a leader who is actively looking for new opportunities, makes drastic changes and makes responsible decisions. The entrepreneurial type is most common in companies that are newly created and have strong leaders, or that are in dire financial straits trying to get out of a crisis. In an entrepreneurial type of management, the degree of management largely depends on the orientation of top management, personal qualities, the power and awareness of which makes it possible to overcome difficulties and make changes. Strong leaders who run counter to the company's innovation policy should be fired.

The adaptive type of strategic management is based on making careful methods of responding to problems and looking for opportunities for their consistent solution. This type of management is used mainly by the heads of enterprises with an established economy, who are also members of coalitions and blocs at the same time. To a certain extent, this can make it difficult to obtain agreement on clearly expressed strategic goals and plans designed for a long period. Franchisers often dictate their policies and plans to parent companies. The adaptive type is effective under the condition of stable external conditions or the possibility of easily reaching agreement between the members of the coalition. In an adaptive approach, the degree of application of innovations depends on the ability of managers to align some of the main goals with the basic strategic ones that were defined earlier. Leaders at a lower level should have some leeway in making a safe strategy; a plan that is too detailed gets in the way.

The formation of a planning type of strategic anti-crisis management involves a systematic comparative analysis, the development of solutions and strategies. In doing so, executives often involve planners in developing strategies. The task of the planned type of management is an objective assessment of the external situation in order to be able to effectively influence it. This type of management is typical of large enterprises that have sufficient resources to carry out detailed comparative analysis. Their internal environment contributes to the achievement of agreement on the main issues of activity, and their high stability contributes to the formation and careful implementation of the adopted strategies.

The type of strategic management affects the level of innovation in the activities of enterprises. In the context of strategic management, innovation is important because an enterprise that has not used new ideas for a long time lags behind competitors, especially in today's conditions that are changing rapidly.

An anti-crisis management strategy will be effective if its type corresponds to a specific situation and the obviousness of other conditions.

The first is the ability to simulate a situation. It is about the ability to understand the patterns of interaction between needs, consumer demand, the activities of competitors and the quality of their products and the needs of their own company and its ability to meet the needs of customers. That is, analysis is part of strategic thinking. The ability to move from competitive to abstract and in the opposite direction is an important condition for competence in the issue of strategic management.

The second condition is the ability to determine the need for change. Abilities are needed here:

· Willingness to respond to trends that arise as a result of known factors in the industry;

· Intelligence and creativity, which make it possible, on the basis of taking into account the combinations of known and unknown quantities, to make the enterprise ready to act in unpredictable situations, to find opportunities to increase its competitiveness.

The third condition is the ability to develop a strategy for change. Defining and shaping a strategy is an intellectual process, a process of finding an accepted option and a creative process.

The fourth condition - the ability to strategic management is the ability to use reliable methods in the process of change. Many strategic models are based on operations research and other economic and mathematical methods.

The fifth condition is the ability to translate the strategy into reality, otherwise mental and creative efforts may be superfluous. The structure and dynamism are correct - two complementary conditions that ensure haste.

To implement strategies, depending on specific conditions, the following models are used: intra-firm management in a calm external environment; management in a dynamic market, the transformation of scientific and technological progress into a permanent operating factor of development; a model that is adapted to spontaneous threats and opportunities in the external environment.

Today, the choice of a model of enterprise strategy in an increasingly competitive environment is of increasing importance. The development of an effective strategy of advantages in the market must change their mind through a thorough analysis of the competitiveness of the enterprise, the assessment of external and internal factors. This assessment can be accomplished through an analysis of strengths and weaknesses, as well as by identifying market opportunities and threats. In this case, the opportunity is considered as an external condition. Which represents a significant prospect for improving the position of the enterprise relative to competitors.

The marketing strategy of the enterprise during the period of the financial recovery procedure is aimed at maximizing the adaptation of the production and sales process to market requirements.

The essence of the anti-crisis marketing strategy is to promote the most important goals in the industry, production, pricing policy and the determination of the general directions of the business activity of the enterprise.

Strategic planning is the most important component of the business management process of an enterprise that is in a state of crisis. The result of planning is the definition of long-term goals and measures for their implementation. The prerogative in strategic marketing planning belongs to the supreme governing body of an economic entity.

The marketing strategy is based on these important concepts:

· Allocation of specific target markets (market segmentation);

· Selection of target markets;

· Choice of methods of entering the market;

· Choice of marketing means;

· The choice of time to market.

The marketing plan is a program of action and contains specific tasks that must be performed in the appropriate periods, not only for the whole enterprise, but also with individual divisions and terms in the middle of the planning period.

An inseparable condition for the implementation of marketing strategy and tactics is the formation of systematic control, which consists in determining how closely the products, resources and purpose of the enterprise are oriented to those markets that represent the best opportunities for it.

The priorities of the marketing strategy and tactics of the enterprise during the period of the financial recovery procedure are determined by many factors, including the specifics of the market conditions. So, during a period of declining market growth, when the peculiarities of its conjuncture are a decrease in consumer demand and its growing elasticity from price and level of service, a decrease in profitability, an intensification of competition, the priority tasks of marketing can be:

· Savings in marketing costs in order to prevent unprofitable projects. At the same time, for firms with a long production cycle, which specializes in consumer orders, the greatest effect from reducing costs can be obtained in low-volume market segments, for large ones - when serving a mass buyer, developing strategies for changing prices relative to competitors' pricing policies;

· A shift in emphasis in innovation to resource conservation, because a slowdown in market growth forces to pay more attention to cost reduction, which increases the importance of innovation, and a decrease in product prices (by reducing costs);

· Increase in sales to "conquered" customers by improving the quality of products and services, release of modifications that satisfy specific customer needs;

· Marketing orientation towards the acquisition of assets of weak competitors, which should allow increasing profits;

· Access to foreign markets, which can bring additional sales volumes due to cheap labor and raw materials of more modern technology and other factors of the advantages of the country where the business is located.

One of the conditions for the financial recovery of an enterprise is planning the current and future range of products, which makes it possible to obtain the required rate of return.

At the stage of financial recovery of the enterprise, along with the search for new types of products, there may be a search for ways to reduce the cost of products that are already being produced, expand and increase the profitability of production. In this regard, the planning of turnover and sales of products is of great importance.

For enterprises that are in a difficult financial situation, one of the important conditions for choosing channels for trade and product sales will be the payment procedure.

When planning the process of commodity circulation, material incentives for employees of the sales departments of the company can be used to significantly increase the volume of sales of products. Among anti-crisis measures, the availability of systematic information about the state of the final sale of products through the retail trade network is of particular importance. The development of prices and pricing policy is carried out on the basis of the marketing goals of the enterprise, taking into account many factors that affect the state of the market.

The most important requirement in the development of the marketing part of a business plan for the financial recovery of an enterprise is the convincing justification of the economic effect.

The main task of developing a marketing strategy for a business plan is the need to anticipate measures to prevent crisis situations in the activities of enterprises at the planning stage, and in cases of crisis situations - to prevent the risk of bankruptcy. Among these measures, it is necessary to highlight:

· Development of various action plans, taking into account non-standard situations in the market;

· Systematic monitoring and use of its results in choosing a competitive position in the market;

· The obviousness of the concluded contracts for the supply of components and the sale of finished products;

· Sale of unfinished construction, surplus equipment and materials;

· Reduction of accounts receivable;

· Assessment of risks at the stage of project implementation and development of measures for their prevention and insurance.

6. Diagnostics of the financial condition of the enterprise 6.1 Brief characteristics of the enterprise

A project was developed for the creation of a confectionery factory "Confectioner".

"Confectioner" produces a variety of confectionery products: cookies, waffle rolls, marshmallows, oriental sweets, sweets, gingerbread, dragees.

In the production of products, the main focus was on cookies, but they are not in great demand, and increased interest is shown in waffle rolls. At present, the demand for wafer rolls exceeds the supply.

The number of employees was 65 people, then this figure increased to 188 people. The plant currently employs 240 people.

The consumers of the plant's products are wholesalers, trade enterprises and a network of private entrepreneurs.

At present, the specialists of OOO "Confectioner" are doing a lot of work on the development of new types of products. All products of OOO "Confectioner" are made only from domestic, environmentally friendly raw materials without imported additives.

In the near future, the company plans to improve the quality of its products and develop new types of products. The plant strives to satisfy the demand in existing markets as much as possible, and is also actively developing markets for its products in other regions.

6.2 Calculation of financial ratios

We will analyze the financial condition of OOO "Confectioner" in order to assess the satisfactory structure of the balance sheet, the possibility of classifying the enterprise as bankrupt, as well as the possibility of restoring solvency for a certain period.

We will analyze the structure of assets on the basis of the data in Table 1. The table shows the absolute values ​​by types of assets, their shares in the total value of assets, changes in absolute values ​​and specific weights, values ​​and changes in the ratio of current and non-current assets for the reporting period. Column 8 of the table reflects the share of changes for each type of assets (non-current, circulating) in the change in the total value of the company's assets. In the course of analyzing the information provided in the column, the type of property is found out, to increase which the increase in the sources of the organization's funds was most directed.

Table 1

Analysis of the asset structure

The structure of liabilities is characterized by the autonomy ratio and the ratio of borrowed and own funds, for the calculation of which it is necessary to take real equity capital and adjusted borrowed funds.

The calculation of real equity and adjusted borrowed funds is presented in table. 2 and 3.

A preliminary analysis of the structure of liabilities is carried out on the basis of the data in Table. 4, similar to table. 2 to analyze the structure of assets. Column 8 of the table reflects the share of changes for each type of sources of funds (own, borrowed) in the change in the total amount of sources of funds of the organization. As a result of the analysis of information on this column, it is determined which type of source of funds, own or borrowed, has the greatest impact on the increase in the property of the enterprise for the reporting period.

table 2

Real equity

Indicators for the beginning of the year at the end of the year Changes
1 2 3 4
1. Capital and reserves 1 500 000 1 500 000 0
2. Deferred income 0 0 0
3. Consumption funds 9 552 294 -9 258
4. Losses 0 36 324 852 36 324 852
5. Book value of treasury shares repurchased from shareholders 0 0 0
6. Debt of participants (founders) for contributions to the authorized capital 119 337 0 -119 337
7. Earmarked funding and receipts 0 0 0
8. Real equity 1 390 215 -34 824 558 -36 214 773

Table 3

Adjusted debt

Indicators for the beginning of the year at the end of the year Changes
1 2 3 4
1. Long-term liabilities 0 0 0
2. Short-term liabilities 1 616 256 59 487 800 57 871 544
3. Earmarked funding and receipts 0 0 0
4. Deferred income 0 0 0
5. Consumption funds 9 552 294 -9 258
6. Adjusted borrowed funds 1 606 704 59 487 506 57 880 802

Table 4

Analysis of the structure of liabilities

6.3 Financial Soundness Analysis

The difference between the real equity capital and the authorized capital is the main initial indicator of the stability of the financial condition. Let's calculate this indicator for the analyzed enterprise.

At the beginning of the year, the difference was: 1,390,215 - 1,500,000 = -109,785; and at the end of the year -34,824,558 - 1,500,000 = -36,324,558. The lack of real equity capital is obvious.

The next task after analyzing the availability and sufficiency of equity capital is to analyze the availability and sufficiency of sources for the formation of reserves. The analysis of the supply of reserves with sources is carried out on the basis of table. 5


Table 5

Source endurance analysis

Indicators for the beginning of the year at the end of the year Changes
1 2 3 4
1. Real equity 1 390 215 -34 824 558 -36 214 773
2. Non-current assets and long-term receivables 262 981 21 082 481 20 819 500
3. Availability of own working capital 1 127 234 -55 907 039 -57 034 273
4. Long-term liabilities 0 0 0
5. Availability of long-term sources of formation of reserves 1 127 234 -55 907 039 -57 034 273
6. Short-term loans and borrowed funds 1 284 311 9 241 236 7 956 925
7. The total value of the main sources of formation of reserves 2 411 545 -46 665 803 -49 077 348
8. Total stocks 386 682 2 323 458 1 936 776
9. Surplus (+) or shortage (-) of own working capital 740 552 -58 230 497 -58 971 049
10. Surplus (+) or shortage (-) long-term sources of formation of reserves 740 552 -58 230 497 -58 971 049
11. Surplus (+) or shortage (-) of the total value of the main sources of formation of reserves 2 024 863 -48 989 261 -51 014 124
12. Number of the type of financial situation according to the classification 1 4 NS

6.4 Analysis of solvency and liquidity

The solvency of the enterprise acts as an external manifestation of financial stability, the essence of which is the provision of current assets with long-term sources of formation.

To assess the solvency of an enterprise, three relative indicators are used that differ in the set of liquid assets considered as coverage of short-term liabilities. The total solvency of an enterprise is defined as the ability to cover all the company's liabilities (short-term and long-term) with all of its assets. These coefficients are summarized in table. 6.

Table 6

Analysis of the solvency of the enterprise

Methodological provisions for assessing the financial condition of enterprises and the establishment of an unsatisfactory balance sheet structure as a criterion established three coefficients: the current liquidity ratio, the equity ratio and the coefficient of recovery (loss) of solvency.

The current liquidity ratio corresponds to the coverage ratio calculated in table. 6.

As the value of own circulating assets, the indicator of the availability of own circulating assets was used (Table 5).

At the beginning of the year, the equity ratio was:

,

and at the end of the reporting period

.


The standard value for this coefficient is greater than or equal to 0.1.

Solvency recovery ratio based on 6 months:

,

as well as the coefficient of loss of solvency at the rate of 3 months:

.

The value of this coefficient is also significantly lower than the norm.

Acquaintance with the reporting of the analyzed enterprise gives an idea of ​​the unsatisfactory results of its activities. The share of the total loss in the assets of the enterprise at the end of the year was 59.56%, as can be seen from Table 1.

Analyzing the structure of the company's assets, it should be noted a sharp and significant change in the ratio of current and non-current assets from 10.85 at the beginning of the year to 0.17 at the end of the year. This was a consequence of a significant increase in the value of non-current assets from UAH 262 "981" to UAH 21 "082" 481 UAH, the share of this type of assets in the total amount of property at the end of the reporting period amounted to 34.57% according to Table 1. The change in this ratio itself does not yet speak about the deterioration of the financial condition, however, considering this indicator in the system of general results of the financial and economic activities of the enterprise, the negative side of this change is clearly visible.

The structure of liabilities is characterized by the autonomy ratio and the ratio of borrowed and own funds. Normal limits for ratios:, means that the liabilities of organizations can be covered by their own funds. At the beginning of the year, the autonomy coefficient, equal to 0.46 according to Table 4, no longer corresponds to the norm, and at the end of the year its value is generally negative: -1.41. The same dynamics in the ratio of equity and borrowed funds, its negative value at the end of the year once again confirms the unsatisfactory structure of the balance sheet of OOO Confectioner. The values ​​of the coefficients indicate the impossibility of covering the company's liabilities from its own funds.

Negative values ​​of these ratios are obtained due to the negative value of the real equity capital, the calculation of which is shown in Table 2. The table clearly shows that at the end of the year the enterprise did not actually have its own funds due to losses received during the period.

Similar conclusions can be drawn by analyzing the difference between the real equity capital and the authorized capital, according to Table 2, which is the main initial indicator of the stability of the financial condition of the organization. Hence it follows that even the minimum condition for the financial stability of the enterprise is not met.

Analyzing the provision of reserves with sources of their formation, a sharp deterioration in the situation is also observed. So if at the beginning of the year in this respect the enterprise had almost absolute financial stability, then at the end of the reporting period all three indicators of the provision of reserves with sources of their formation have negative values. This indicates an extreme lack of funds and characterizes the financial condition as a crisis, in which the company is on the verge of bankruptcy.

To make a final conclusion about the company's solvency, it is necessary to analyze a number of liquidity ratios, based on table 6.

Already at the beginning of the year, the financial condition of the enterprise can be considered unsatisfactory, since the absolute liquidity ratio, coverage ratio and total solvency ratio are lower than their standard values. The only exception is the adjusted liquidity ratio, which characterizes the ability to repay short-term liabilities also at the expense of short-term receivables. However, the presence of accounts receivable indicates financial dependence on its counterparties, which is a negative factor in the context of a general crisis of non-payments.

At the end of the reporting period, all liquidity and solvency ratios have values ​​significantly below the permissible values, which clearly indicates a deep crisis state of the enterprise and is the basis for recognizing it as insolvent.

The basis for recognizing the structure of the company's balance sheet as unsatisfactory, and the company as insolvent, is also the value of the equity ratio at the end of the reporting period less than 0.1.

In the presence of these grounds, the solvency recovery ratio, determined based on the value of the solvency recovery period, equal to six months, and the established value of the current liquidity ratio (coverage ratio), equal to two, has a value of less than one. This indicates that the enterprise has no real opportunity to restore its solvency.

Thus, the analysis of the financial condition of OOO "Confectioner" testifies to the extremely difficult, crisis situation of the plant. In this situation, bankruptcy procedures can be applied to him. Attempts to restore the solvency of the enterprise within the framework of external management will not lead to a significant increase in the efficiency of its activities within the time allotted by law for these procedures.

Considering that the company's products are in demand; the plant is equipped with modern equipment allowing to produce high-quality competitive products; the enterprise belongs to the food industry, which does not require significant capital investments and is characterized by a relatively quick return on investment due to a short production cycle, I consider the most appropriate way out in this situation to sell the enterprise (business) of the debtor. This will make it possible to preserve the plant as a single production and technological complex and to get out of the situation with the least social losses, while retaining the labor collective. This option is most consistent with the goal of the bankruptcy procedure in a market economy, which is to facilitate the transition of ownership from ineffective economic entities to efficient ones. It's up to the investor.

In the course of the study and presentation in the course work of issues related to the bankruptcy of enterprises, as well as measures to eliminate the danger of bankruptcy, the following conclusions can be drawn.

At the early stage of the crisis, the company is not included in the bankruptcy procedure, but it is about restoring the company's solvency.

Applying the term "bankruptcy" means the establishment of the financial insolvency of an enterprise in a judicial proceeding, i. E. his inability to meet in a timely manner the demands made against him and to fulfill his obligations to the budget.

From what has been said in the work, we can conclude that the core of the anti-crisis strategy in whatever direction it is developed is the attacking style: a tough and decisive update of technologies - sales management, etc. “The attackers win” is the main principle of the anti-crisis strategy.

Anti-crisis management applied during the period of pre-trial reorganization and in the process of bankruptcy in no way opposes the methods of regular management. But it has a number of features; its specificity in the areas of anti-crisis strategy and personnel management does not exhaust all the features of management in a crisis situation, but it is in these areas of management that it manifests itself most clearly.

Crisis management is indeed different from business as usual. The entire arsenal of approaches and methods of the latter is aimed at the development and survival of the enterprise in the long-term aspect (which includes, among other things, avoiding a crisis), while the methods of the former are aimed exclusively at not overcoming an already imminent crisis, ensuring survival in the short-term aspect.

Thus, bankruptcy is one of the legal mechanisms for renovating and reforming our enterprises; it is a development mechanism through effective property redistribution. Bankruptcy does not always mean the liquidation of an enterprise.

The institution of bankruptcy serves the purpose of eliminating unprofitable entities from civil turnover, regardless of whether this will give the state any profit, and restoring the normal functioning of potentially profitable ones, even if this is associated with certain costs.


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...: after the initiation of the case, satisfied part of the claims so that the remaining amount was less than 500 minimum wages. The court rejected the application. However, the RF Law "On the Insolvency (Bankruptcy) of Enterprises" provides for an equally controversial method for initiating insolvency proceedings - at the request of the prosecutor. In this matter, our legislation is at odds with the world ...




And the state. Secondly, the law should help restore the financial position of a debtor experiencing temporary difficulties with significant financial potential. 1.2. Reasons for the bankruptcy of many Russian enterprises and the way out of the crisis In a planned economy, when everything around belonged to one owner - the state, the concept of "bankrupt" was something for us ...

And statistics, 1998 .-- 384 p. Sheremet A.D., Saifulin R. S. Methods of financial analysis. - M .: INFRA-M, 1995 .-- 176 p. Sheremet A.D., Saifulin R. S. Finances of enterprises. - M .: INFRA-M, 1999 .-- 343 p. 1 Federal Law of the Russian Federation "On insolvency (bankruptcy)" dated January 8, 1998, No. 6-FZ 1 Sokolin BA Crisis economy of Russia: the turn of the millennium // Economy and law. - 1999. - No. 5.1 Adaev Y. ...