How to get out of bankruptcy

Bankruptcy is a situation when a private or legal entity is unable to answer for its debt obligations. In other words, when his financial situation is so bad that he can fit to declare himself an insolvent debtor. Before the eyes of people there were examples when the most seemingly reliable and reputable corporations or banks went bankrupt. The bankruptcy procedure is clearly spelled out in the relevant federal law.

Instruction manual

1

Suppose the management of a bankrupt enterprise recognizes its debts to creditors. According to the law, a prerequisite for termination is the absence of claims by creditors against the debtor enterprise. And in what legal way can they be ensured that they have no complaints? There are only two options: either pay off the debt to them, or persuade them to delay the collection of debt, with the simultaneous signing of a settlement agreement.

2

The first option is definitely better. But if the debtor enterprise does not have the ability to pay debts (lack of available funds, the ability to take a loan, resort to the help of a third party, etc.), it will be necessary to convince the creditors to conclude a settlement agreement. How to achieve this, what arguments should be decided by the management of the debtor enterprise, based on specific circumstances and the amount of debt. As a rule, such an argument helps: even if the bankruptcy procedure is completed, only a small part of the debt can be repaid, but if the debtor company copes with a difficult situation, it will work again in full force, the debt will be repaid in full, moreover, with interest for using other people's funds.

3

Well, what about in those cases when the bankruptcy procedure of the enterprise, according to its management, was started illegally? That is, claims to the enterprise arose due to a misinterpretation of the articles of the Tax Code, for example, or due to the machinations of competitors, attempts to raider capture (alas, such cases are not uncommon). Then, with the help of qualified lawyers specializing in bankruptcy cases, you should file a claim with the Arbitration Court, demanding that the claims of the creditors be recognized as unfounded.

4

There is another reason for terminating the bankruptcy procedure: if the bankruptcy business is so bad that the cost of its property and products sold will not even cover the costs of this procedure. In this case, financial investments of investors can help, but in order to attract them, it is necessary to interest people. As a rule, a well-planned and convincing plan of further actions can help here.

Federal Law "On Insolvency (Bankruptcy)"