1. Chapter 9 Bankruptcy accounting

2. 2 Learning objectives of bankruptcy accounting  1. business liquidation  2. the difference between the liquidation  3. liquidation proceedings  4. liquidation price of property  5. liquidation Report  6.changes in accounting theory liquidation  7. consolidation  8. reconciliation  9. the liquidation order  10.settlement accounting account settings

3. 3 Liquidation Overview (Continued)  Bankruptcy process (continued)  Bankruptcy accepted  Bankruptcy court shall receive the application within fifteen days from the date of decision whether to accept. There are special circumstances necessary to extend the provisions of the preceding two ruling period accepted by the people's court approval, be extended for 15 days.  People's Court accepted the application for bankruptcy, it shall make a decision within five days from the date of service of the applicant. The application of creditors, the people's court shall make a decision within five days from the date of service of the debtor. Shall determine the debtor within fifteen days from the date of service to the people's court to file financial situation shows that the debt inventory, claims inventory, financial and accounting reports and the payment of wages and the payment of social insurance costs.

4. 4 Liquidation Overview (Continued)  Bankruptcy accepted.  Bankruptcy court ruled that people will not be accepted, it shall determine to be served within five days from the date of the applicant and the reasons. Applicant refuses to accept the ruling, since the decision can be served within ten days from the date up a People's Court.  People's Court accepted the application for bankruptcy, the manager should also specify The people's court shall determine the date of acceptance for bankruptcy within two known creditors within fifteen days notice and make an announcement.

5. Bankruptcy Accounting learning objectives  1.Company liquidation  2. The difference between the liquidation  3. Liquidation proceedings  4. Liquidation of property price  5. Liquidation Report  6. Changes in accounting theory liquidation  7. Re-integration  8. Reconciliation  9. Liquidation order  10. Liquidation accounting account settings

6. Liquidation Overview  The boundaries of bankruptcy >  Enterprise legal person can not discharge the debt due, and the assets are insufficient to pay off all debt, or the apparent lack of solvency.  The bankruptcy process  The application of bankruptcy  Debtor; Creditor  Bankruptcy accepted  The debtor's local People's Court  Creditors, filed for bankruptcy court shall receive the application within five days from the date of the debtor to notify the debtor disagrees with the application, shall receive notice of the people's court within seven days from the date of the people's court to challenge the people's court shall expire within ten days from the date of decision whether to accept

7. Liquidation Overview (Continued)  Bankruptcy process (continued)  Bankruptcy accepted  Bankruptcy court ruled that people will not be accepted, it shall determine to be served within five days from the date of the applicant and the reasons. Applicant refuses to accept the ruling, since the decision can be served within ten days from the date up a People's Court of Appeal.  People's Court accepted the application for bankruptcy, the manager should also specify.  The people's court shall determine the date of acceptance for bankruptcy within two known creditors within fifteen days notice and make an announcement.

8. Liquidation Overview (Continued)  Designated manager  People's court-appointed  Manager perform the following duties  1. To take over the debtor's property, stamp and books, documents, etc.  2. the debtor's property condition surveys, property condition report produced  3. Determine the internal management of the debtor's affairs  4. Determine the debtor's expenses and other necessary expenses  5. In the first meeting of creditors held before the decision to continue or stop the debtor's business  6. Management and disposition of the debtor's property  7. On behalf of the debtor to participate in litigation, arbitration or other proceedings  8. Propose a meeting of creditors  9. The people's court that managers should perform other duties

9. Liquidation Overview (Continued)  Claims  Claims filing deadline from the bankruptcy court issued notice of acceptance from the date of calculation, the shortest not less than 30 days and not longer than three months  Meeting of creditors  First meeting of creditors convened by the People's Court, claims filing deadline since the expiration of fifteen days from the date of meeting. Subsequent meeting of creditors, in the people's court deems it necessary, or managers, creditors 'committee, representing more than a quarter of total debt to creditors when the creditors' meeting held in President proposal.  Meeting of creditors, managers should notify in advance the known creditors 15. Resolution of the creditors meeting, the meeting was attended by a majority vote of the creditors, and it accounts for non-property claims on behalf of the secured claim for more than half the total.