Проблеми санації суб’єктів господарювання в умовах воєнного стану: правові та фінансовоекономічні аспекти

Abstract

Досліджено проблеми санації суб’єктів господарювання в умовах воєнного стану крізь призму правових та фінансово-економічних аспектів. Розглянуто сутність санації як інструменту відновлення платоспроможності підприємств, запобігання банкрутству та збереження життєздатного бізнесу. Охарактеризовано нормативно-правові засади застосування санаційних процедур в Україні. Проаналізовано вплив воєнного стану на фінансову стійкість підприємств, зокрема через втрату активів, порушення логістичних зв’язків, дефіцит фінансування, скорочення платоспроможного попиту та зростання боргового навантаження. Установлено, що в Україні санаційні механізми залишаються недостатньо поширеними, а практика врегулювання неплатоспроможності переважно тяжіє до ліквідаційної логіки. За даними щодо банкрутств у 2025 році визначено найбільш вразливі сфери діяльності підприємств: оптову торгівлю, сільське господарство, операції з нерухомістю, будівництво та роздрібну торгівлю. Обґрунтовано напрями підвищення ефективності санації, серед яких рання фінансова діагностика, удосконалення планів санації, активізація переговорів із кредиторами, реструктуризація податкового боргу та розвиток превентивної реструктуризації.

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The article examines the problems of rehabilitation of business entities under martial law in Ukraine, with particular attention to legal and financial-economic aspects of insolvency prevention. The relevance of the study is determined by the fact that the war has significantly increased the financial vulnerability of enterprises. Many companies face asset losses, destroyed or disrupted logistics chains, limited access to credit resources, a decrease in solvent demand, staff shortages, increased operating costs and the accumulation of overdue obligations. Under such conditions, insolvency is often caused not only by ineffective management, but also by external military and economic shocks. Therefore, rehabilitation should be considered not only as a legal procedure within bankruptcy regulation, but also as an instrument for preserving economically viable enterprises, jobs, tax revenues and production potential. Purpose. The purpose of the article is to identify the key legal and financial-economic problems of rehabilitation of business entities under martial law, to assess the current situation with business bankruptcies in Ukraine, and to substantiate practical directions for improving rehabilitation mechanisms as an alternative to liquidation bankruptcy. ResultsThe essence of rehabilitation is considered as a system of legal, financial, organizational and managerial measures aimed at restoring the debtor’s solvency, restructuring obligations, stabilizing business activity and preventing liquidation. The legal framework of rehabilitation procedures in Ukraine is analyzed, including the provisions of the Code of Ukraine on Bankruptcy Procedures, pre-trial rehabilitation and preventive restructuring. It is determined that pre-trial rehabilitation has a number of advantages over classical bankruptcy proceedings, in particular lower procedural costs, the possibility of preserving business reputation, faster debt settlement and better prospects for satisfying creditors’ claims. At the same time, its practical application remains limited due to late detection of insolvency signs, insufficient awareness of entrepreneurs, difficulties in agreeing rehabilitation plans with creditors, shortage of financial resources, weak institutional support and lack of stable practice of interaction between debtors, creditors, courts and state authorities. The situation in Ukraine is analyzed on the basis of bankruptcy data for 2025. It is shown that 780 companies started court bankruptcy procedures, while the number of rehabilitation cases remained much lower. The sectoral analysis indicates that the highest concentration of bankruptcies was observed in wholesale trade, agriculture, real estate operations, construction and retail trade. These sectors are highly dependent on logistics, working capital, market demand and stable economic relations, which makes them particularly vulnerable under martial law. Conclusions. It is concluded that rehabilitation of business entities under martial law should be transformed from a rarely used legal procedure into an effective mechanism of early crisis response. The effectiveness of rehabilitation depends on timely financial diagnostics, realistic rehabilitation plans, creditor involvement, access to financing, flexible restructuring of tax debt and the development of preventive restructuring. It is substantiated that the priority of insolvency policy in wartime should be the preservation of viable enterprises rather than their liquidation. The proposed directions for improving rehabilitation procedures can contribute to reducing liquidation bankruptcies, maintaining business activity and strengthening the economic resilience of Ukraine during the war and post-war recovery