Legal analysis: The process is as follows: 1. Creditors and debtors directly apply to the court for reorganization and start the reorganization procedure. 2. If the court examines the application for reorganization and finds that it meets the statutory requirements, it shall order the debtor to reorganize and make an announcement. 3. The court appoints the administrator. 4. The court shall notify the known creditors and notify the unknown creditors by public announcement. 5. Creditors declare their claims to the administrator. After receiving the application materials for creditor's rights, the administrator shall register and examine the declared creditor's rights, prepare the creditor's rights table and submit it to the first creditors' meeting for verification. 6. Hold the first creditors' meeting within 15 days from the date of expiration of the creditor's rights declaration. 7. The debtor or the administrator shall submit a draft reorganization plan to the court and the creditors' meeting within 6 months from the date of the court ruling. 8. The court shall convene a creditors' meeting within 30 days from the date of receiving the draft reorganization plan, and the creditors shall participate in the meeting for group discussion and voting. 9. If each voting group passes the draft reorganization plan, the reorganization plan is passed. 10. After the draft reorganization plan is approved, the debtor shall be responsible for the implementation of the reorganization plan.
Legal basis: Article 125 of the Enterprise Bankruptcy Law of the People's Republic of China. Directors, supervisors and senior managers of an enterprise who violate their duty of loyalty and diligence and cause the enterprise to go bankrupt shall bear civil liability according to law.
Persons under the circumstances specified in the preceding paragraph shall not serve as directors, supervisors or senior managers of any enterprise within three years from the date of the end of bankruptcy proceedings.