Declaration of bankruptcy is refers to the people's court to declare the debtor bankrupt in accordance with the law, served on the debtor and management and people within five days after the decision is made, notify the known creditors within ten days after the decision is made, and shall make a public announcement. Declaration of bankruptcy is the starting point of bankruptcy liquidation, it will completely negates the bankruptcy reorganization procedure of bankruptcy conciliation procedures and effectiveness, and lead to the legal consequences of bankruptcy distribution. The debtor is declared bankrupt, the debtor is called bankruptcy, the debtor's property is known as the bankruptcy property, the people's court accepts the application for bankruptcy of the debtor creditor's right is called the bankruptcy claims.
Declaration of bankruptcy, in any of the following circumstances, the people's court shall render a ruling to terminate the bankruptcy procedure, and make a public announcement: third party offers sufficient security or for the debtor pay off all the debts due; the debtor pay off all the debts.

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