Abstract

The declaration of bankruptcy process are the first stage of bankruptcy proceedings. Their outcome depends on whether the actual bankruptcy proceedings are carried out, during which the bankruptcy estate is liquidated and the creditors satisfied. A creditor is one of the persons entitled to file a petition in bankruptcy. In the creditor initiated declaration of bankruptcy proceedings they have the status of a party thereto. As a result, they have obligations and rights associated with the status of a party in the proceedings. The situation of creditors who have not filed a petition in bankruptcy is different. They are not parties in the proceedings for declaration of bankruptcy.