Bankruptcy

Bankruptcy – state of insolvent company.
Procedures of bankruptcy – judicial or extrajudicial process of company’s bankruptcy.
Bankruptcy case – civil case which arises as a result of bankruptcy dispute and which is examined by court.
Company next door to bankruptcy – enterprise, which is sued for bankruptcy or which case is heard in the extrajudicial process.
Failed company – Bankrupt company, which court announces to be such due to bankruptcy and liquidation (in extrajudicial process – by the decision of creditors’ meeting).
Intentional bankruptcy – company’s reduction to the bankruptcy by deliberate actions, if creditors, shareholders or other persons suffer financial losses.
Company’s creditors (creditors) – individuals and legal entities, which have a right to require company to carry out its obligations.
• Owner (owners);
• Head of administration in the company;
• Founder of state or municipal company;
• Liquidator of the company;
• Shareholders, stockholders;
• State employment inspection at the Ministry of Social security and labour
• Ministry of Economics and Agriculture, head of the region, public organizations of producers of agriculture products (for companies, which buy and reproduce agriculture products).
Administrator of the company– a person/entity who/which is delegated by court and has a right to provide administrative services of bankruptcy, company’s manager, principal of court’s decisions and rulings and /or creditors’ meeting from the moment the ruling to start legal proceedings has been decreed till the judgment in this case, after the case has been ruled or until the ruling to nonsuit has stood up.
Reasons, which constitute the case of bankruptcy:
• The company is insolvent;
• The company cannot pay salaries and wages and fulfill other financial request by its employees, which arise from employment relations.
• The company cannot pay for received products or services, redeem credits and exercise other financial obligations undertaken arising from a contract;
• The company cannot exercise obligatory payments set by the laws of the...

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