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Phases of bankruptcy proceedings

The bankruptcy proceedings are initiated when the court declares your company bankrupt and appoints the estate administrator. The estate administrator prepares the estate inventory of your company’s assets and debts and draws up the debtor description. The creditors register their claims with the estate administrator who prepares the disbursement list on this basis. The estate administrator sells the assets of your company, pays its debts and prepares the final settlement of accounts.

Text edited by: web editorial
Updated: 12/30/2020