Declaring a company bankrupt

Declaring a company bankrupt

 

Question:
Hello!

How can I declare a company bankrupt - it's about EOOD, what is the term? And since when does the bankruptcy of the company start?

Thanks in advance!

 

Answer:

Hello,

Generally speaking, the insolvency proceedings are as follows:

You or your creditor must file for bankruptcy. In order to open the procedure, the court appoints a temporary trustee to request a list of documents from the company. Within one month from the announced commencement of insolvency proceedings, a meeting of creditors shall be held, who shall appoint a permanent trustee in bankruptcy. Accordingly, the permanent trustee in bankruptcy begins the sale of all the company's property and the distribution of the money received from it among the creditors. After all the property of the company is sold and the proceeds are distributed among the creditors, within one month the trustee in bankruptcy submits a report on his activities and within 14 days the court issues a decision to declare bankruptcy. If there is any money left after all creditors are satisfied, it is distributed among the owners of the Company. You should also keep in mind that the court determines whether or not during the bankruptcy proceedings the company must cease its activities.

We hope we have been helpful to you.

Greetings!