Two, creditors and debtors directly to the court "reorganization application", start the reorganization procedure. Where the creditor applies for bankruptcy liquidation of the debtor, the debtor or the investor whose capital contribution accounts for more than one tenth of the debtor's registered capital may apply to the court for reorganization before the court accepts the application for bankruptcy. (Articles 7 and 70 of the Bankruptcy Law)
Three, the court examined the "reorganization application", that conforms to the law, it shall rule that the debtor reorganization, and make an announcement. (Article 7 1 of the Bankruptcy Law)
Four, the court appointed administrator.
Five, the court shall notify the known creditors and notify the unknown creditors. The court should shorten the time limit for creditors to declare their claims and determine the time and place of the first creditors' meeting.
Six, creditors to declare creditor's rights to the administrator, the administrator shall, after receiving the application materials, register and review the declared creditor's rights, prepare the creditor's rights table, and submit it to the first creditors' meeting for verification.
Seven. The first creditors' meeting shall be held within 15 days from the date when the creditor's rights declaration expires.
Eight, in the bankruptcy reorganization, after entering the reorganization period, the debtor may apply to the court for approval, under the supervision of the administrator, the administrator will hand over the property and business to the debtor.
Legal basis: Article 11 of the Enterprise Bankruptcy Law of the People's Republic of China. When the people's court accepts the bankruptcy application, it shall serve it on the applicant within five days from the date of making the ruling. If the creditor makes an application, the people's court shall serve it on the debtor within five days from the date of making the ruling. The debtor shall submit to the people's court a statement of property status, a list of debts, a list of creditor's rights, relevant financial and accounting reports, and the payment of employees' wages and social insurance premiums within 15 days from the date of service of the ruling.