1. An enterprise/cooperative considered as bankrupt when: Insolvency+declaration of the court => Bankruptcy(Failure to pay debts within 3 months)
2. Request for a bankruptcy process
2.1. Accept the request
2.1.1. Refuse to initate bank ruptcy process
2.1.1.1. When: within 30 days from the acceptation
2.1.1.2. Decision: refuse to initiate the process
2.1.1.3. Case: The entity is not insolvency
2.1.2. Initate bankruptcy process
2.1.2.1. Resume business operations
2.1.2.1.1. The meeting resolution is ratified
2.1.2.2. Declare bankrupt
2.1.2.2.1. -The meeting resolution is not ratified -Cases provided in arcticle 105 -Fail to implement resumption of the business -Liquidate assets -Redistribute assets +Cost of bankruptcy +Debts to employees +Debts incurring for resuming the business operation +Other finacial obligations +Member of the entities ...
2.2. dismiss the request
3. Bankruptcy affect to the creditors and managers
3.1. Creditors: Debt collection ricks
3.2. Managers
3.2.1. Chairman, general directors, directors, members of management board-100% stated owned companies: can not hold such post in any other state-owned company
3.2.2. Representatives of the capital contribution of the state: can not be a manager in any state-invested company
3.2.3. Managers of bankrupt entities: can not be a manager of any entities for 3 years