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MERICAN Journal of Public Diplomacy and International Studies
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 grnjournal.us 
 
reorganization of legal entities. The court's approval of these documents is the basis for the state 
registration of newly created legal entities. 
In court, the termination of the activities of legal entities is a complex process and consists of 
many stages. It should be noted that in a market economy, the termination of the activity of a 
legal entity has acquired a new meaning. 
Currently, the procedure for mandatory termination of the activities of legal entities consists of 
several stages, and legal scholars note that this process is carried out at different stages. 
I.V.Eliseev and A.According to Shukrullayev, the liquidation of legal entities consists of five 
stages [2]. 
As in the case of liquidation of legal entities on a voluntary basis, a liquidation commission is 
formed in court by a court decision, and the Commission assumes the authority to manage the 
legal entity. 
At the second stage, the commission publishes information about the termination of the legal 
entity's activities in the press and collects accounts receivable. 
At the third stage, the liquidation commission evaluates the accounts payable of the legal entity 
and decides whether to satisfy the claims or refuse them, and also draws up an interim 
liquidation balance sheet. 
At the fourth stage, in accordance with the balance sheet of the interim liquidation, creditors' 
claims are satisfied. If the funds of the legal entity are insufficient to satisfy the creditors' claims, 
the liquidation commission will sell the property of the legal entity at auction and cover the 
debts. 
At the fifth stage, after repayment of creditors' debts, the liquidation commission draws up the 
final liquidation balance sheet and distributes the remaining property among the participants of 
the legal entity and submits all the documents prepared for completion to the state body, 
ultimately completing the process of liquidation of the legal entity. However, civil legislation 
establishes a specific procedure for the liquidation of enterprises that are in an unfavorable 
economic situation and do not carry out their own financial and economic activities. 
Bankruptcy of legal entities consists of several complex processes and stages, each of which has 
its own aspects. After all, bankruptcy is caused by the economic insolvency and insolvency of a 
legal entity. Although bankruptcy is also carried out on a voluntary and mandatory basis, its 
specific provisions require the participation of judicial authorities in the bankruptcy process. 
R. Kniper believes that bankruptcy legislation and its application in practice is a very important, 
complex and delicate situation in every state and every national economy. Because the 
liquidation of an enterprise is an unpleasant phenomenon not only for an entrepreneur, but also 
for the state, as well as for employees, female employees, contractors, commercial partners. For 
example, the bankruptcy incident in Bremen, which led to very large negative consequences, led 
to the elimination of about 30,000 jobs due to the fact that shipbuilding would lead to a complex 
liquidation of the industry. This, coupled with an increase in the unemployment rate in Bremen, 
put shippers of goods and work partners in a difficult position and led to a significant decrease in 
tax revenues of Bremen [3]. 
Indeed, the liquidation of enterprises damages the country's economy as the most negative state 
of all time. At the same time, as a result of the abolition of a legal entity, the state will have to 
implement certain social protection. 
F.H.Atakhanov believes that supervision, dates of court sessions, settlement agreement, external 
management and liquidation procedures are procedures that are carried out when considering a 
bankruptcy case of a legal entity [4]. 

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