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Bankruptcy debtor in liquidation

This procedure consists of two stages and commences in the same manner as the procedure of voluntary liquidation. When developing an interim liquidation balance based on available records and the results of inventory survey a liquidator identifies credit indebtedness exceeding 100.000 Rubles that cannot be repaid by the debtor out of its own funds. This is when the first stage finishes and the second one commences. The Chairman of the liquidation commission applies a statement of bankruptcy of a debtor to be liquidated to the arbitrary court. The bankruptcy of a liquidated debtor is a simplified bankruptcy procedure, i.e. prescribed by the law measures such as supervision, financial rehabilitation and external management are not applied in this situation. Only bankruptcy management can be performed. The court appoints a receiver from a self-regulating organization of professional court-appointed receivers listed in the debtor’s statement. Upon completion of the bankruptcy proceedings the enterprise is taken off the Uniform State Register of Legal Entities and its indebtedness is deemed cancelled.

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