How to deal with creditor's rights and debts when a subsidiary cancels?

Legal analysis: If the company cancels in accordance with legal procedures, it shall set up a liquidation group, make an announcement and clean up the creditor's rights and debts. If the creditor fails to apply for creditor's rights within 45 days after the announcement, it shall be deemed to have given up automatically. If there is no announcement or liquidation, the shareholders shall bear legal responsibility. You can check the industrial and commercial archives, which should contain the creditors of the unit, otherwise the industrial and commercial department will not approve the cancellation. You can ask the creditor to bear the responsibility.

Legal basis: People's Republic of China (PRC) Company Law.

Article 14 A company may set up branches. The establishment of a branch company shall apply to the company registration authority for registration and obtain a business license. A branch company does not have legal person status, and its civil liability shall be borne by the company. A company may set up subsidiaries, which have legal personality and independently bear civil liabilities according to law.

Article 187 If the liquidation group finds that the company's assets are insufficient to pay off debts after clearing up the company's assets and compiling the balance sheet and list of assets, it shall apply to the people's court for bankruptcy according to law. After the company is declared bankrupt by the people's court, the liquidation group shall hand over the liquidation affairs to the people's court.