2. Creditors and debtors directly apply to the court for reorganization and start the reorganization procedure. Before the debtor is declared bankrupt after the creditor applies for bankruptcy liquidation, the debtor or investors whose capital contribution accounts for more than one tenth of the debtor's registered capital may apply to the court for reorganization.
3. The court shall examine the application for reorganization, and if it considers that it meets the statutory requirements, it shall order the debtor to reorganize and make an announcement.
4. The court appoints the administrator.
5. The court shall notify the known creditors and notify the unknown creditors by public announcement. The court should shorten the time limit for creditors to declare their claims and determine the time and place of the first creditors' meeting.
6. Creditors declare their creditor's rights to the administrator. After the administrator receives the creditor's rights declaration materials, he shall register and review the declared creditor's rights, prepare the creditor's rights table and submit it to the first creditors' meeting for verification.
7. Hold the first creditors' meeting within 15 days from the date of expiration of the creditor's rights declaration.
8. In bankruptcy reorganization, after the reorganization period ends, the debtor applies to the court for approval, and the debtor can manage the property and business by himself under the supervision of the administrator, who shall hand over the property and business to the debtor.
Legal basis: Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China. 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.