JUBILEE NEWSPAPER  

Bankruptcy of the business or individual entrepreneur


Bankruptcy of the business or individual entrepreneur - it is the only legitimate way to closing a business with outstanding debts. Bankruptcy is a highly effective, but expensive instrument liquidation of debts in cases where the use of other methods to no avail.

Bankruptcy - is insolvent, or has become resistant character to recognize the decisions of the economic court of bankruptcy with liquidation of the debtor - legal entity, the termination of the debtor - individual entrepreneur.

Bankruptcy can be voluntary - application to the economic court about his bankruptcy debtor submits himself and forced - in this case debtor initiates its creditors or tax authorities. For more information on the topic please visit http://mybkhelp.com

The purpose of bankruptcy may be company's financial recovery and restore its solvency (reorganization) or liquidation of the debtor to the satisfaction of creditors' claims at the expense of existing assets. Also allows you to make bankruptcy debt restructuring organization or an individual entrepreneur.

The whole procedure takes place under the supervision of the bankruptcy of the economic court. Economic Court opens the debtor procedure economic insolvency (bankruptcy) and appoint a crisis manager, who is the central figure in the bankruptcy process.

Crisis manager - an experienced, highly qualified specialists able to competently carry out the procedure of bankruptcy, knowing its order and characteristics of each of the stages. To guarantee the quality of crisis manager, there are special mechanisms of accountability, such as disqualification, administrative responsibility and financial liability for property damage.

One of the duties of a crisis manager is to carry out checks to establish evidence of criminal bankruptcy: false bankruptcy, concealment of bankruptcy, deliberate bankruptcy and failure damages the creditor.

Some evidence of a criminal bankruptcy are:

concealment of property of the debtor or his obligations;
the presence of significant amounts of overdue receivables;
availability of financial investments made during the period when the debtor has suspended its current payments;
significant deterioration in solvency in the period preceding the initiation of bankruptcy proceedings;
making transactions on obviously unfavorable conditions;
unreliable accounting and tax reporting.
For filing an application to the economic court of the debtor about his bankruptcy containing knowingly false information about insolvency (bankruptcy false) for concealing the insolvency of an individual entrepreneur or legal entity (concealment of bankruptcy), for intentional creation or increase of insolvency of an individual entrepreneur or legal entity (intentional bankruptcy) for concealment, alienation, damage or destruction of property of an individual entrepreneur or a legal entity in order to prevent or reduce damages to the creditor (lender breakdown of damages) provides for criminal liability. In practice, it is used by lenders as an additional argument in negotiations with the debtor.

Timely access to a specialist in the field of crisis management and bankruptcy can warn against committing many mistakes.










 








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