On March 1, 1993, the Law of the Russian Federation on the insolvency of an enterprise, that is, bankruptcy, came into force. The insolvency of an enterprise can be announced by an arbitration court after a voluntary statement of this fact by the debtor and the voluntary liquidation of the enterprise. The law provides for determining the insolvency of an enterprise if it is impossible to fulfill the claims of creditors within three months and the excess of debts over the assets of the enterprise.
Instructions
Step 1
In order to declare your enterprise bankrupt, you must file it with the head of the enterprise in an arbitration court, when the insolvency is caused not by temporary difficulties in managing the enterprise and the financial and economic insolvency of the enterprise, but by the presence of debts in excess of the financial value of the enterprise's assets.
Step 2
Also, when an enterprise is not able to pay any of its debts, including paying for heat and electricity and paying off wage arrears with its employees.
Step 3
The arbitral tribunal sends an audit to the enterprise. Requires a balance sheet, charter, a list of all creditors with a breakdown of accounts payable and receivable.
Step 4
If during the inspection and investigation it turns out that the company is able to pay its debts and bills and the financial difficulties are temporary, then the company cannot be declared bankrupt.
Step 5
When it turns out during the check and investigation that the assets of the company are less than the debt on debts and loans, the company is declared bankrupt. All property and assets of the enterprise are described and sold.
Step 6
The proceeds from the sale of property and assets of the enterprise are used to pay wages to workers, settlements on debts and loans, as well as pay for the work of the arbitration court and the audit and financial verification of the company's solvency.
