First, apply to the people's court for reorganization;
Second, the court issued a ruling, and at the same time appointed an administrator to notify the known creditors and make an announcement;
Third, the declaration of creditor's rights: the declaration period is 30 days to three months; When declaring creditor's rights, it shall state in writing the amount of creditor's rights and whether there is property guarantee, and submit relevant evidence;
Fourth, when a creditors' meeting is held, a creditors' committee may be decided.
Fifth, the formulation and approval of reorganization plan and the implementation of reorganization plan.
Legal basis: Enterprise Bankruptcy Law of the People's Republic of China.
Article 4 The relevant provisions of the Civil Procedure Law shall apply to the trial procedures of bankruptcy cases that are not provided for in this Law.
Article 10 Where a creditor applies for bankruptcy, the people's court shall notify the debtor within five days from the date of accepting the application. If the debtor has any objection to the application, it shall submit it to the people's court within seven days from the date of receiving the notice from the people's court. The people's court shall decide whether to accept the objection within ten days from the date of expiration. Except in the circumstances specified in the preceding paragraph, the people's court shall decide whether to accept the bankruptcy application within 15 days from the date of accepting it. If there are special circumstances that need to extend the time limit for accepting the ruling stipulated in the preceding two paragraphs, it may be extended for fifteen days with the approval of the people's court at the next higher level.