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JEL Classification:<\/strong> G33, K22, M21, H32.<\/em><\/td>\n DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V58(2026)-19<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
[\/vc_column_text][vc_column_text]Kneysler Olga, <\/strong>Doctor of Economic Sciences, Professor, Head of the Department of financial technologies and banking business, Western Ukrainian National University, Ternopil, Ukraine<\/p>\n
ORCID:<\/strong> 0009-0004-1521-923X<\/span><\/a>
\ne-mail: <\/strong>olgakne@gmail.com<\/span><\/a><\/p>\n
Kostetsky\u0456 Volodymyr,<\/strong> Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of financial technologies and banking business, Western Ukrainian National University, Ternopil, Ukraine<\/p>\n
ORCID:<\/strong> 0000-0002-0179-9526<\/span><\/a>
\ne-mail: <\/strong>v.kostetskyi@wunu.edu.ua<\/span><\/a><\/p>\n
Problems of Rehabilitation of Business Entities under Martial Law: Legal, Financial and Economic Aspects<\/strong><\/p>\n
Abstract. Introduction. <\/em><\/strong>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.<\/em><\/p>\n
Purpose<\/em><\/strong>. 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.<\/em><\/p>\n
Results<\/em><\/strong>The essence of rehabilitation is considered as a system of legal, financial, organizational and managerial measures aimed at restoring the debtor\u2019s 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\u2019 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.<\/em><\/p>\n
Conclusions<\/em><\/strong>. 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.<\/em><\/p>\n
Keywords: <\/em><\/strong>rehabilitation, bankruptcy, pre-trial rehabilitation, preventive restructuring, insolvency, martial law, business entities, financial recovery.<\/em><\/p>\n
References<\/b>:<\/strong><\/p>\n
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Derliuk, V. (2025). Pre-trial rehabilitation of enterprises: practical aspects and expectations. Vyshcha shkola advokatury NAAU. https:\/\/www.hsa.org.ua\/blog\/dosudova-sanaciia-pidprijemstv-prakticni-aspekti-ta-ocikuvannia-vasil-derliuk.<\/li>\n
Dutka, V. V. (2021). Rehabilitation of the debtor prior to the opening of bankruptcy proceedings. Ekonomika ta pravo, (1), 96\u2013101. https:\/\/doi.org\/10.15407\/econlaw.2021.01.096.<\/li>\n
Yermolenko, O. A., Kokovikhina, O. O. & Lysonkova, N. M. (2024). Financial rehabilitation as a way to prevent enterprise bankruptcy under martial law. Ekonomichnyi prostir, (190), 114\u2013117. https:\/\/doi.org\/10.32782\/2224-6282\/190-21.<\/li>\n
Zahriia, R. (2021). What are the advantages of pre-trial rehabilitation involving a tax authority. Yurydychna hazeta online, (3). https:\/\/yur-gazeta.com\/publications\/practice\/bankrutstvo-i-restrukturizaciya\/yaki-perevagi-mae-dosudova-sanaciya-za-uchastyu-podatkovogo-organu.html.<\/li>\n
Verkhovna Rada of Ukraine (2018). Code of Ukraine on bankruptcy procedures No. 2597-VIII. https:\/\/zakon.rada.gov.ua\/go\/2597-19.<\/li>\n
Nestor, V. (2023). Pre-trial rehabilitation: dialogue between the debtor and creditors against the background of war. PRAVO.UA. https:\/\/pravo.ua\/dosudova-sanatsiia-dialoh-borzhnyka-i-kredytoriv-na-foni-viiny\/<\/li>\n
Novyk, I. V. (2021). Enterprise rehabilitation as a factor of its financial and economic security. Ekonomika ta suspilstvo, (27), 19\u201327. https:\/\/doi.org\/10.32782\/2524-0072\/2021-27-8.<\/li>\n
OpenDataBot (2026). 780 companies went bankrupt in 2025. https:\/\/opendatabot.ua\/analytics\/business-bankrupts-2025.<\/li>\n
OpenDataBot (2025). Business in Ukraine undergoes preventive restructuring procedure for the first time. https:\/\/opendatabot.ua\/analytics\/preventive-restructuring.<\/li>\n
Pihul, N. H. & Semenets, V. P. (2020). The essence and significance of enterprise rehabilitation in modern economic conditions. Ekonomika ta suspilstvo, (21), 86\u201392. https:\/\/doi.org\/10.32782\/2524-0072\/2019-20-48.<\/li>\n
Khorunzhyi, Yu. A. (2026). Comparative analysis of rehabilitation prior to the opening of bankruptcy proceedings and preventive restructuring. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia: Pravo, (93), 109\u2013124. https:\/\/doi.org\/10.24144\/2307-3322.2026.93.2.13.<\/li>\n<\/ol>\n
[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: 7 August 2026<\/span><\/strong><\/p>\n
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Kneysler O., Kostetsky\u0456 V. (2026). Problems of Rehabilitation of Business Entities under Martial Law: Legal, Financial and Economic Aspects. Modern Economics, 58(2026), 154-163. DOI: https:\/\/doi.org\/10.31521\/modecon.V58(2026)-19.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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[vc_row][vc_column][vc_column_text] JEL Classification: G33, K22, M21, H32. DOI: https:\/\/doi.org\/10.31521\/modecon.V58(2026)-19 [\/vc_column_text][vc_column_text]Kneysler Olga, Doctor of Economic Sciences, Professor, Head of the Department of financial technologies and banking business, Western Ukrainian National University, Ternopil, Ukraine ORCID: 0009-0004-1521-923X e-mail: olgakne@gmail.com Kostetsky\u0456 Volodymyr, Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of financial technologies and banking business,
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