The essence of financial recovery of companies in the modern Kazakh economy

Abstract

The issue of financial recovery of enterprises is still relevant. This article examines the financial
recovery of companies in the modern Kazakh economy, the problems of its implementation. Despite a
significant number of works by foreign and domestic researchers on the financial recovery of companies,
this problem cannot be considered fully completed. Moreover, modern trends in the global economy at
the beginning of the XX1 century gave rise to a new wave of development of small enterprises in different
countries of the world, including highly developed ones. Therefore, the purpose of the study was to study
the theoretical aspects of financial recovery of modern companies. The main directions of the article are:
clarification of the essence of the concepts of «financial recovery», «financial potential» and their connection
with the category «bankruptcy», study of the basics of legal regulation of the financial recovery
process in Kazakhstan. The research methodology is based on the principles of systematic, comprehensive
and retrospective analysis, etc. The scientific novelty of the research consists in the theoretical justification
and methodological development of conceptual aspects of financial recovery of the enterprise.
Research has shown that the success of financial recovery of enterprises largely depends on the degree
of validity of management decisions. Financial recovery involves not only restoring solvency, but also
ensuring optimal use of the financial potential of the enterprise, which makes the problem of financial
recovery relevant not only for enterprises in crisis, but also for successfully functioning organizations.
Key words: financial recovery, financial potential, rehabilitation, bankruptcy, solvency, crisis.