1. The management or legal representative of the company submits a formal bankruptcy application to the relevant court or competent authority, and attaches relevant evidence and materials to prove the bankruptcy status of the company.
2. The court or competent authority will accept the bankruptcy application and review the submitted materials.
3. After the bankruptcy application is accepted, the court or the competent authority will determine the corresponding bankruptcy procedures, such as liquidation, reorganization or bankruptcy reorganization.
4. Designate the bankruptcy administrator to investigate and sort out the company's assets, liabilities and creditor's rights, and prepare financial statements and lists.
5. The bankruptcy administrator will convene a creditors' meeting to discuss the bankruptcy plan with creditors, and creditors can discuss and vote on the way and proportion of debt repayment.
6. The bankruptcy plan has been recognized by creditors and approved by the court. The bankruptcy administrator will implement the bankruptcy plan, dispose of the company's assets and repay the debts according to the requirements of the bankruptcy plan.
7. When the debts of the company are paid off or disposed of according to the bankruptcy plan, the court or competent authority will confirm the end of the bankruptcy proceedings.