1. Whether the company should pay off its debts after applying for bankruptcy.
1. The company needs to repay its debts after filing for bankruptcy.
2. Pay off debts with all the company's property. If the due debts cannot be paid off, the assets are insufficient to pay off all debts or the conditions of obvious lack of solvency are met at the same time, an application for bankruptcy may be filed with the people's court.
3. Legal basis:
Article 2 of the Enterprise Bankruptcy Law stipulates that if an enterprise as a legal person is unable to pay off its debts due, its assets are insufficient to pay off all its debts or it obviously lacks solvency, it shall clear up its debts in accordance with the provisions of this Law.
An enterprise as a legal person may be reorganized in accordance with the provisions of this law if it has the circumstances specified in the preceding paragraph or obviously loses its solvency.
2. What are the bankruptcy procedures of the company?
1. Within three months after the people's court accepts the creditor's application for the debtor's bankruptcy, the superior competent department of the bankrupt enterprise may apply to the people's court for reorganization of the bankrupt enterprise. According to the law, the longest period of reorganization shall not exceed three years.
2. Proposing a draft settlement agreement Before the people's court presided over the first creditors' meeting, the superior department in charge of the enterprise that was applied for bankruptcy proposed a draft settlement agreement, the main contents of which should be the time limit and amount of debt repayment and the amount of relief requested.
3. Discuss the settlement agreement. All creditors' meetings will discuss and vote on the settlement agreement according to law. Once passed and recognized by the people's court, the people's court immediately issued a rectification notice to suspend the bankruptcy proceedings.
4. After seeing the rectification announcement, the competent department of the enterprise that formulated the rectification plan shall assist the enterprise to formulate the rectification plan and submit it to the enterprise staff meeting for discussion. The original department in charge of the enterprise is specifically responsible for presiding over the rectification work.
5. Supervision of Enterprise Reorganization The enterprise to be bankrupt enters the reorganization stage, and its reorganization is supervised by the enterprise staff meeting and creditors. The competent department at a higher level responsible for rectification shall regularly report the rectification to the staff meeting and the creditors meeting.
(1) The staff meeting and the creditor's rights meeting shall supervise the whole process of enterprise rectification.
(2) Supervise whether the enterprise conscientiously implements the settlement agreement, and whether there are illegal acts such as concealing, dividing up, transferring property without compensation or selling property at abnormal prices, and giving up creditor's rights. If any illegal act is found, it shall immediately report to the people's court, terminate the rectification and resume the bankruptcy procedure.
6. Ruling on the result of rectification If the enterprise can settle the debt dispute with the creditors according to the settlement agreement and pay off the debts according to the agreement, the people's court shall declare the end of the bankruptcy procedure and resume the normal business activities of the enterprise; otherwise, it shall declare the end of the rectification and resume the bankruptcy procedure.
In the process of enterprise bankruptcy, we must pay attention to the rectification period of not more than three years, and we must supervise the whole process. I hope you can pay more attention to these key procedures.