-What is bankruptcy
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What is bankruptcy

Economic insolvency - insolvency, has or acquires a stable character, recognized the decision of the economic court on a readjustment of economic insolvency of the debtor (decision of the reorganization).

There are two types of consumer (or individuals) bankruptcy. Depending on the amount of debt, degree of insolvency and amount of free assets, there could be the chapter 7 bankruptcy or chapter 13 bankruptcy. Chapter 7 is often called liquidation bankruptcy, where individual receives instant debts relief and all his assets and property are exempted by the bankruptcy court. Get consultation at http://mybkhelp.com/

The bankruptcy of the company - insolvency of having or acquiring stable nature, to recognize the decisions of the economic court of bankruptcy with liquidation of the debtor - legal entity, termination of the debtor - individual entrepreneur (the decision to open liquidation proceedings).

According to the law in applying the bankruptcy debtor is obliged to indicate at least three candidates for the manager. Otherwise, if the manager does not candidates submitted to the economic court the person submitting the application, before the expiry of the deadline for a decision on the acceptance of the application of the debtor, the economic court returns the application without considering bankruptcy.

Since the opening of bankruptcy proceedings shall be suspended accrual of interest, concludes the enforcement proceedings against the debtor removed arrests and other restrictions on the sale of property and settlement with creditors.

In bankruptcy proceedings, all decisions entailing an increase in costs of the debtor, including the costs of remuneration of persons attracted to perform the tasks associated with the proceedings of economic insolvency (bankruptcy), as well as compensation of employees of the debtor, can be taken only with the consent of the manager meeting (committee) of creditors with the notification of the Economic Court.

After the completion of the bankruptcy procedure by the economic court ruling shall be issued on completion of the liquidation procedure, which is the basis for the entry of the deletion of the debtor from the Unified State Register of legal entities and individual entrepreneurs (hereinafter - USR).
Since the entry of the deletion of the debtor from the USR control authority terminated liquidation proceedings is considered complete, the debtor - legal entity - to liquidate the debtor - individual entrepreneur - terminated its activities and free of debts related to his activities as an individual entrepreneur.

It is important to know that the person who is the owner of the property, founders (participants) or any other person, including the head of the debtor entitled to give binding instructions to the debtor or the ability to otherwise determine its actions, not the right to act as a founder of new business entities in the year after entry of the deletion of the debtor from the USR.