Management of cash flows between a debtor and a creditor in the enterprise bankruptcy process
التاريخ
2020نوع المادة
Articleالخلاصة
The purpose of this study is to determine the direction and alternatives for
effective flow management between the debtor and the creditor in the enterprise bankruptcy
process. The study is based on data received from Russian and the UAE's oil refining
companies. The methodology of this study was based on a scenario approach, in particular,
the formation of five alternative flow management options in the process of bankruptcy of
companies. The basis for developing scenarios was to determine the efficiency of flow
management of companies within five years before the bankruptcy. This allowed
determining the most advantageous option for both the debtor and the creditor. The
scenario of companies' liquidation was recognized as the worst of the possible options for
both enterprises. The reorganization scenario, which proposed to sell companies as integral
property complexes, involved a rather long period of debt repayment for creditors. The
reorganization scenario with the full exchange of shares for debts was identified as
beneficial for the creditor; however, company owners could lose their right to participate in
the profit distribution. The last proposed scenario with a partial exchange of shares for
debts was considered the most profitable both for creditors and owners of reviewed
companies since it assumed the highest possible annual income, as well as the highest level
of cash flows.
المؤلف
An, Y.
Stępień, M.
Abusalma, A.
Lozitskaya, O.