A bankruptcy order can be filed either by the debtor or a creditor. The appointment of a bankruptcy trustee will be suggested, following which a bankruptcy order will be passed. The continuation of the process entails the issue of a public notice after which the COC is formed. The COC is then held and administration of property, discharge and liabilities of creditors will be discussed and negotiated. After which, finally, the discharge order will be passed.

In another case, should there be a failure of the resolution process, a bankruptcy process can be initiated. The bankruptcy trustee is responsible for administration of the estate of the bankrupt and for distribution of the proceeds on the basis of the priority.