INSOLVENCY IN BULGARIA INTERNALIZATION OF GENERATIONS AT WORK

Abstract

Based on results from empirical research into generations at work in Bulgaria - pre- and post-war generation (born 1925 – 1944), the generation of the transition period from patriarchal order to modernity (born 1945 – 1964), the growth generation (born 1965 – 1980) and the digital generation (born 1981 – 2000) - carried out during 2008 – 2010, in 2011 and 2015, we uphold the thesis that the low degree of institutionalization of insolvency predetermines the externalization of its rules, principles and values – passively justified and substantiated as necessary and useful. It has been proven that there is need for internalization of insolvency – accepting it as compulsory institution in society to regulate the conflict of interests between debtors and creditors, establishing sustainable social order. Recommendations have been made with regard to social practice – the change process should be conducted through enlarging the research area, increasing the number of publications, making education more comprehensive, creating an acceptable media image of insolvency as a social necessity and as a regulator of the economic life in the Bulgarian society.