When an enterprise goes bankrupt and liquidates, the bonds and equity of the enterprise

Legal analysis: when an enterprise goes bankrupt and liquidates, the priority of the right to pay off its bonds and equity is general debt > subordinated debt > preferred stock > common stock. General debt bonds are usually issued by local governments, and their taxes are used to repay the principal and interest.

Legal basis: Paragraph 2 of Article 71 of People's Republic of China (PRC) Company Law. Under the same conditions, other shareholders have the preemptive right to the equity transferred with the consent of shareholders. If two or more shareholders claim to exercise the preemptive right, their respective purchase proportions shall be determined through consultation; If negotiation fails, the preemptive right shall be exercised in accordance with their respective investment proportions at the time of transfer. Where there are other provisions on equity transfer in the articles of association, such provisions shall prevail.