The authors analyzed the regulation of the main groups of Bankruptcy relations and certain aspects of this phenomenon. On the analysis basis, proposals are made to improve the provisions of the Act of Ukraine "On restoring the debtor's solvency or recognizing it as a bankrupt". It is established that the Act mentioned provides for the possibility of applying to the debtors only certain Bankruptcy procedures. The main direction of legal regulation of Bankruptcy is to satisfy the requirements of all debtors' creditors in the maximum possible extent, and only in the second place are implemented the goals of restoration of solvency and settlement of debtors' debts.