Evolution of European approach to using financial restructuring in the system of crisis management of enterprises

. In the conditions of turbulence and uncertainly with regard to an increasing of number of bankruptcies, effective insolvency legislation should be able to speedily and efficiently liquidate unviable firms and to restructure viable ones. However, restructuring is not only a legal problem, but also an important tool of financial crisis management. Purpose. To study and generalise international scientific publications as well as EU documents in relation to the use of financial restructuring in the conditions of crisis management at enterprises. Results. The types of financial restructuring used to conduct crisis management at enterprises have been considered. A chronology of EU documents on financial recovery of companies in financial difficulty, including the use of financial restructuring is investigated. Particular attention is focused on the recommendations of the EU on a new approach to commercial collapse and failure of 12 March 2014, as well as on preconditions and reasons for their occurrence. The types of relationship and the principles of financial restructuring proposed in these recommendations are considered. Conclusions. The strengthening of measures on the development of EU documents concerning financial recovery of companies in financial difficulty is, on the one hand, related to an increasing number of bankruptcies after the global financial crisis; on the other hand, it corresponds to the Lisbon Strategy with the aim of improving competitiveness of the European economy. The evolution of the European approach to the use of financial restructuring in crisis management is derived from informative documents and recommendatory documents of the EU.