How To Declare Bankruptcy

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How To Declare Bankruptcy
How To Declare Bankruptcy

Video: How To Declare Bankruptcy

Video: How To Declare Bankruptcy
Video: What Actually Happens When You File For Bankruptcy 2024, November
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If your company has a too difficult financial situation, and you cannot fulfill obligations to creditors, you have the right to declare the legal entity bankrupt. However, it is important to follow the legal procedure.

How to declare bankruptcy
How to declare bankruptcy

It is necessary

  • - constituent documents;
  • - list of financial assets of the organization;
  • - the report of the appointed manager.

Instructions

Step 1

Check if your organization can be declared bankrupt under Russian law. For this, an organization or an individual entrepreneur must not fulfill their obligations to creditors for more than six months. Also, in some cases, bankruptcy can be applied to organizations that have significantly reduced their capital due to any reason.

Step 2

To start a legal procedure, go to an arbitration or district court. This can be done by both the owner of the organization and lenders who do not receive payments on time. To do this, you need to write an application on the form or in the form that the court clerk will give you.

Step 3

After filing a case, receive a summons with the date and time of the meeting. If you do not have a valid reason, you will be required to appear in court. At the first meeting, the merits of the case will be considered and whether the company really has financial difficulties. For this, the judge will appoint a special manager who will manage the bankruptcy procedure. He will begin an investigation using documentation to find out the reasons for bringing the organization to a similar situation. He will submit the report to a special commission consisting of auditors.

Step 4

If the manager admits that the financial situation of the organization can no longer be improved, help him draw up a list of all the assets of the organization. These will include not only movable and immovable property on the balance sheet of the enterprise, but also funds in its accounts.

Step 5

Obtain a court order for bankruptcy proceedings. During the trial, try to negotiate with creditors in such a way that all of its debts will be covered with the help of the property of the enterprise. If this fails, the court will determine the procedure for further payments and the amount of responsibility of the founders.

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