There is no cost to use eSR. Pay only the bankruptcy filing fee.A phoenix company can only come about should the original company have no hope of survival. Examples include appointing officers, approving financial statements, authorizing contracts, and declaring dividends. This article discusses the actual process of Corporate Insolvency Resolution under the Insolvency and Bankruptcy Code. This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. Effect of statute changing limitation. If 50 cents or more, round up to the next dollar. If less than 50 cents, round down. If the application is not complete then, adjudicating authority shall give the applicant the timeline of 7 days to amend the application.