What are the legal implications of à business declaring bankruptcy?

[Fidelia]

In as much as we strive to make our businesses succeed. There are times that it is inevitable and the business fails. In some countries, there are provisions for a business to liquidate and declare bankrupt.

What does the law say about a business in your country when it declares bankrupt? What happens to it's assets and liabilities in this situation from a legal point of view.

 

[Suba]

A bankruptcy decision can only be declared by a court decision, since then all the assets of the company (debtor) are controlled by the curator, which will then be sold/auctioned to pay all debts, if there is an excess then the curator will return the excess to the debtor, but if the debtor's assets are less To pay debts, there are several types of debt that can be written off/deleted.

 

[Passionate-writer]

In as much as we strive to make our businesses succeed. There are times that it is inevitable and the business fails. In some countries, there are provisions for a business to liquidate and declare bankrupt.

What does the law say about a business in your country when it declares bankrupt? What happens to it's assets and liabilities in this situation from a legal point of view.

Businesses that declare bankruptcy usually consult lawyers. They officially declare bankruptcy as they can no longer function in the market due to a lack of funds. This also involves dealing with the lenders. They hire a lawyer and ask for legal assistance in many ways.