The bankruptcy procedure begins with the filing of an application for declaring the debtor company bankrupt, and, as already mentioned, such a statement can be submitted by both the creditors and the company itself, which thus voluntarily declares itself bankrupt. After accepting the application for declaring the debtor bankrupt, the arbitral tribunal considers the validity of such a statement.
The bankruptcy procedure of an organization consists of several stages:
1.Observation
The stage necessary to ensure the safety of the debtor's property, analyze its financial condition, draw up a register of creditors' claims and conduct the first meeting of creditors.
The observation period may not exceed seven months from the date of acceptance of the application
2.Financial recovery
Financial recovery is a procedure designed to save an enterprise from liquidation. It is aimed at restoring solvency and covering debts. To do this, debt restructuring is carried out and a special schedule for their repayment is approved, approved by the arbitration court. At this stage, the manager does not have the right to make decisions leading to an increase in the debt of the enterprise; he must coordinate his actions with the meeting of creditors. This stage can stretch for up to 2 years.
3.External management
At the request of the creditors, the arbitration court may appoint an external manager of the bankrupt company. The external manager takes office for a period not exceeding 18 months. During the implementation of external management, the debtor shall not be charged fines or penalties for his debts.
More info here - https://en.wikipedia.org/wiki/Bankruptcy
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