Bankruptcy (economic insolvency) - a concept that scares all businessmen, and for the most part in vain. Bankruptcy of the enterprise is often the best way out of a bad situation, in which there was a business.
Lets look at the order that is bankruptcy LLC or entity, why it is needed and how to spend it with maximum benefit and minimum losses for themselves.
So bankruptcy organization - its inability to meet its obligations to the lender, that is return on investment.
According to the current legislation of the Republic of Belarus entity may be deemed insolvent (bankrupt) by the court if it is unable to satisfy the claims of creditors.
Bankruptcy procedures provided by the economic courts. For this procedure, the economic court appoints a manager having a passport Department Restructuring & Insolvency Ministry of Economy of the Republic of Belarus.
In bankruptcy implies full cancellation of its debts and the exclusion from the USR legal entities and individual entrepreneurs. This is the cherished goal of every businessman caught in a state of insolvency.
In order to achieve the desired goal of the legislation should take into account the experience and practice of professionals in the liquidation and bankruptcy.
How and when an organization bankruptcy
Enterprise bankruptcy occurs for a number of internal and external factors affecting the performance of any business entity - not from the effective management of the enterprise to harsh conditions of the business climate in our country.
The main feature of bankruptcy is the inability to settle with creditors on various debts. It may be payable:
The budget on obligatory payments, penalties, interest (current accrued or Sought on the results of inspections and judgments)
to banks for loans collateralized before other creditors for obligations arising in the course of economic activity and other debt.
Regardless of the type of debt - if the assets of your company can not cover the amount of his debt - you are bankrupt.
Methods and types of bankruptcy
Bankruptcy of the enterprise may be accomplished in two ways - either voluntarily or forcibly.
It refers to voluntary initiated by the debtor himself, carried manage elected from among candidates proposed by them. This method is the most favorable and least risky for the owner.
It refers to forced initiated by the creditor, carried manage them elected from among the proposed candidates. This method is the least favorable and most risky for the owner.
Only on your timely action depends on what way and with what consequences will take your company bankruptcy.
How not to miss the point of bankruptcy?
Regardless of the type of debt - if its total size can not be satisfied by the total assets of the company - you are bankrupt.
But how to become aware of the founder of his companys solvency? After all, it is generally not personally involved in the financial and economic activities not maintain accounting records and hires for this director and accountant.
In this situation, the law imposes the duty of the owner of the approval of the annual balance sheet. It was at this point (formally) to the founders to become aware of the bankruptcy of their enterprise.
The legislation establishes a period of one month from the date of signing the annual accounts for the study of the owner companys financial condition.
Founders, by reference to the annual balance sheet is necessary to study the companys solvency ratios, and if they have to take immediate negative response.
What obligations come from the owner after the signs of bankruptcy of his company?
Within one month from the date of signing the annual accounts you (the owner) has a duty to take measures to pre-trial financial health of the enterprise, and in case of his inability or not expediency - making the decision to apply to the court.
In case of the absence of the possibility of insolvency and financial recovery (repayment of debts by personal funds and external sources) You must, within one month from the date of signing the annual accounts apply to the court.
This regulation is binding upon us, as the owner ensures further protection from foreclosure payable on his private property (vicarious liability). Namely, payables arising from the time when the owner became aware of the companys insolvency. Ie more addictive than the owner of the decision, the greater the amount of vicarious liability threatens him.
Thus, in order to minimize the negative consequences of insolvency of the enterprise - must timely decision on its liquidation.
We urge you to closely monitor the companys debts in the event of insolvency - turn to the professionals.
What are the advantages and disadvantages of bankruptcy?
Bankruptcy of the enterprise is not its collapse, as seems most entrepreneurs, it is a natural part of the life cycle of the organization. The phases of emergence, formation, lifting the company necessarily follow recession and crisis. During the last stage can be administered anti-crisis measures, but if it is clear that the company has settled, it is worth considering for its liquidation. Most legal way to liquidate the company with the recognition of its debts canceled - by using bankruptcy attorney.
Bankruptcy Ltd, PUE, IP, legal entities can be regarded as a health procedure that protects the enterprise from large debts, or as a way of repayment. With professional and skillful conduct of the procedure, the organization can quite legally avoid responsibility as criminal, and administrative, for failing to pay the debts.
In any case, the bankruptcy of the organization will help you to focus on new business, not trying to save the old unprofitable.
The disadvantages include the duration of the procedure and its complexity. In some cases, litigation can drag on for years.
If the court decides that only the owner of the company is to blame, hell pay for the debts of their own property.