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Bankruptcy Procedure, Signs Of Bankruptcy.

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Recognition of the debtor’s insolvency (bankruptcy) is currently the only legal way to end (repayment) of all debts of the organization, which can not satisfy the claims of creditors (Insolvency company). Bankruptcy is absolutely legal that is process of law aimed at civilized issues out of business structure be unable to carry effectively out business activities, including those responsible for their debts.

Special place in insolvency takes the issues of bankruptcy of banks and other lending institutions because of the creditors of these institutions as a rule is endemic (depositors – natural persons and legal entities, banks – previously provided by a filed bank credit and loans, tax bodies – on taxes and other obligatory payments; the bank’s employees – on wages and compensation for damages, etc., etc.), so the insolvency of the banks have a certain complexity.

For causing a case of insolvency (bankruptcy), the creditor must have entered into force and the failure in enforcement proceedings, the court decision establishing the right of the creditor to the debtor. Under the executive production refers to enforce the debt from the debtor through the bailiff service.

There are the following stages of bankruptcy: surveillance, financial recovery (or reorganization of an enterprise), external management and bankruptcy proceedings. At any of these stages, until the court decision declaring the debtor bankrupt and delete records on the organization of the debtor from the register of legal persons may be entered into a settlement agreement. Terms of the settlement agreement may be quite different, bearing in mind the compromise reached by the persons concerned: it could be a purchase / postponement of debt repayment, and partial forgiveness of debt, and novation of the debt obligation to another commitment.

The decision of declaring the debtor bankrupt shall be adopted only by court on the basis of reports of arbitration (bankruptcy) trustee and making collections of creditors.

The main figure in the insolvency of a receiver which depending on the stage of bankruptcy may be temporary, administrative, bankruptcy trustee. As the arbitration administrator for approval of the court submitted three candidates from among the members of a self-regulating organizations of arbitration managers. Currently, each receiver must consist of a self-regulating organizations of arbitration managers.

If you detect signs of bankruptcy are taken into account:

-size monetary obligations, including the amount of debt transferred goods, works and services rendered, the amount of the loan with interest payable to the debtor, the amount of debts incurred as a result of unjust enrichment, and debt arising as a result of damage to property lenders, except for obligations to its citizens, to whom the debtor is liable for injury to life or health liabilities for termination benefits and wages of persons employed under an employment contract, obligation to pay compensation to copyright agreements and and obligations to the founders (participants) of the debtor arising from such participation;

-size of mandatory payments without regarding to the legislation of fines (penalties) and other financial sanctions.

Practically all of us still remember the times when it was possible to buy a thing even if one hadn’t got enough money. Credit was a simple way out. It is not surprising that now many of those who hunted for a loan, are searching for how to avoid bankruptcy.

People who happened to get into the situation when their expenses exceed their earnings, definitely must search for ways to avoid bankruptcy.

If facing such difficulties it is wise to use any tools to get over it. Avail yourself of such unique opportunity as the web technologies. Using them at full capacity will give great results. Making use of search engines, forums, social networks,web sites one can find lots of tips to avoid bankruptcy and a great deal of other relevant info. Also subscribing to RSS on this blog will help to keep abreast of new publications and tips on the topic.

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