1. Establish a liquidation group;
The people's court shall set up a liquidation group to take over the bankrupt enterprise within 15 days from the date of declaring the enterprise bankrupt. The liquidation group consists of shareholders, relevant departments and professionals.
2. The liquidation group takes over the bankrupt company;
After the people's court declares the enterprise bankrupt, the liquidation group takes over the bankrupt enterprise, is responsible for managing, clearing, valuing, disposing and distributing the property of the bankrupt enterprise, participates in civil activities on behalf of the bankrupt enterprise, and is responsible for the actions of the people's court and reports its work.
Distribution of bankruptcy property. When distributing the bankrupt property, the liquidation group shall put forward a distribution plan, which shall be discussed and approved by the creditors' meeting and implemented by the liquidation group after being approved by the people's court.
The liquidation is over. After the liquidation and distribution of bankrupt property is completed, the liquidation group shall report the liquidation and distribution to the people's court and apply to the people's court for a ruling to end bankruptcy. Outstanding creditor's rights shall not be paid off;
3. Cancellation of registration:
When the enterprise goes bankrupt and the distribution of bankrupt property is completed, and the enterprise as a legal person terminates its capacity for civil conduct according to law, the liquidation group shall apply to the original bankrupt company registration authority for cancellation of the original company registration. The bankruptcy of a company can only be confirmed after the trial and ruling of the people's court. Without the trial of the people's court, the company itself cannot enter bankruptcy proceedings;
4. Bankruptcy application:
The company must file for bankruptcy. The applicant can be the company itself or other creditors. The company filed for bankruptcy mainly because it thought that the company was insolvent and could not continue to operate. When creditors apply, they mainly think that the debt company can't repay the debts due, and it is insolvent. Although the law has such a provision, in China, the vast majority of companies apply for bankruptcy by themselves, and few creditors apply for bankruptcy;
Legal basis: Article 182 of the Company Law of People's Republic of China (PRC).
Serious difficulties have occurred in the company's operation and management, and its continued existence will cause great losses to the interests of shareholders. If it cannot be solved by other means, shareholders holding more than 0/0% of the voting rights of all shareholders of the company may request the people's court to dissolve the company. Article 183
In case of dissolution in accordance with the provisions of Item 1, Item 2, Item 4 and Item 5, a liquidation group shall be established within 15 days from the date when the reasons for dissolution appear to start liquidation. The liquidation group of a limited liability company is composed of shareholders, and the liquidation group of a joint stock limited company is composed of directors or personnel determined by the shareholders' meeting. If a liquidation group is not established for liquidation within the time limit, the creditor may apply to the people's court to appoint relevant personnel to form a liquidation group for liquidation. The people's court shall accept the application and promptly organize a liquidation group to carry out liquidation.