1. bankruptcy court ruling
  2. appointment of trustee
  3. 1st creditor’s meeting
  4. discovery and safe-guarding of assets and debts
  5. administration of assets
  6. determination of third-party-claims to assets
  7. verification of all filed debts
  8. confirmation of recognized debts
  9. 2nd creditor’s meeting
  10. liquidation of all assets
  11. distribution of resulting cash fund amongst the recognized creditors
  12. final ruling of bankruptcy court
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