How to pay off a business loan in case of bankruptcy?

Good day.

If the enterprise is in a state of bankruptcy, its obligations from loans are not terminated. However, there are various ways to reduce the debt to the bank and save the business.

• Negotiations with the creditor: first of all, it is important to contact the bank that granted the loan and talk to the bank representative about the possibility of restructuring the debt. Usually, the bank is ready to negotiate, as this gives it a better chance of getting at least part of its debt back.

• Conducting bankruptcy proceedings: if negotiations with the creditor do not yield results, you can consider the possibility of conducting bankruptcy proceedings. At the same time, the bank can receive part of its debt from assets that will be sold during the liquidation of the enterprise.

• Carrying out court proceedings: if the company believes that the bank is acting illegally, it is possible to go to court. At the same time, the court can establish the illegality of the bank's actions and reduce the amount of the debt that needs to be paid.

It is important to remember that each case is unique and there are different options for solving the problem.