In which cases shall the Court apply the simplified procedure to declare an enterprise bankrupt?
The Court shall apply the simplified procedure in the following cases:
-
- If the petition for bankruptcy procedure initiation is filed in accordance with Article 5.3 and Article 5.4 of the 2014 Law on Bankruptcy, but the insolvent enterprise does not have sufficient money or other assets to pay the bankruptcy fee and advance bankruptcy expenses;
- If the petition for bankruptcy procedure initiation has been accepted but the insolvent enterprise does not have sufficient assets to pay bankruptcy expenses.
SUBSCRIBE