Causes and procedures of business entity bankruptcy

The article describes the main causes of insolvency (bankruptcy) of business entities. The conditions and procedure for declaring a legal entity bankrupt are based on legislative procedures. From the economic point of view bankruptcy is a manifestation and development of crisis aspects in the process of enterprise activity, in connection with which it cannot satisfy creditors' demands and fulfill its obligations to the budget. The main bankruptcy procedures are considered, namely, supervision, financial rehabilitation, external management, bankruptcy proceedings, amicable settlement and the procedure for their implementation.