1. Set up a liquidation group: When the company is insolvent, it needs to set up a liquidation group to deal with the company's assets and debts.
2. Prepare balance sheet and property list: The liquidation team needs to conduct a comprehensive investigation and evaluation of the company's assets and liabilities, and prepare balance sheet and property list in order to understand the company's financial status and assets.
3. Notify creditors and make an announcement: The liquidation team needs to notify creditors within a specified time and make an announcement in a specified way to let creditors know the financial status and liquidation of the company.
4. Formulation of liquidation plan: The liquidation team needs to formulate a liquidation plan according to the company's assets and liabilities, and determine the order and method of paying off debts.
5. Implementation of liquidation plan: The liquidation team shall conduct liquidation according to liquidation plan, and pay off debts in the order and manner of paying off debts.
6. Disposal of surplus property: After the liquidation of the company, the liquidation team needs to dispose of the surplus property and distribute it in the prescribed way.