A: The Scout Law Online Consultation will answer your question.
The bankruptcy procedures of foreign-funded enterprises are basically the same as those of Chinese-funded enterprises, and the procedures are complicated. Generally, it takes more than one year to complete the bankruptcy proceedings. The most basic procedures are as follows: (1) When applying for bankruptcy, both creditors and debtors can apply to the court; (2) The court should examine whether it meets the bankruptcy conditions, and an accounting firm should intervene in the middle; (3) If bankruptcy is established, the court decides to accept the bankruptcy application and appoint the administrator, that is, the liquidation group referred to in the old bankruptcy law. The main responsibility of the administrator is to take over the bankrupt company and be responsible for the custody, cleaning, valuation, disposal and distribution of the bankrupt property; (4) The court issues a bankruptcy announcement; (5) Creditors declare their claims; (6) The administrator shall clean up the bankrupt property, make an evaluation, put forward a scheme for distributing the bankrupt property, which shall be discussed and adopted by the creditors' meeting and implemented after being submitted to the court for ruling; (7) After the bankruptcy liquidation and the distribution of bankruptcy property are completed, the administrator shall request the court to terminate the bankruptcy proceedings. It is recommended to entrust a lawyer.