Recognition of insolvency of the organization or debtors also is bankruptcy. Bankruptcy the unique exit at removal from tax accounting the enterprise and to stop its obligations, to be exact to stop their performance justly. An exit from the commercial business which does not have ability it is productive to run economic business and respectively to compensate arising debts.
Bankruptcy is entered by appointment of arbitration court, owing to the appeal of requirements of the claimant and is observed under control of temporarily appointed managing director. Such process is appointed for the debtor to keep his assets and actions, to carry out consideration on financial position, the organization of meetings creditors. Such operation is called supervision. Over time, after implementation of other operation of bankruptcy in court, supervision stops.
The following stage of bankruptcy is financial improvement. Such procedure is used for restoration of ability of payment of debts by the enterprise according to schedules and is in support of temporary administrative domination. Time and period of validity of this operation cannot last more than two years.
At the same time takes place to be restoration of solvency of the various organizations. Meeting of creditors enters this position in case of existence of certain possibilities of regeneration of the payer debtor which validity period has no right to exceed two years. The moratorium is entered on the expiration of terms prior to the beginning of procedure of payment of debts.
Also there is a settlement agreement which consists in any situation and a bankruptcy stage. But thus there should be an arrangement between two parties – debtors and creditors.