Does the company bankruptcy guarantor need to pay back the money?

After the company goes bankrupt, the guarantor needs to pay back the money. If it is a general guarantor, the guarantor has the right of first appeal. Before the debtor has not conducted trial or arbitration on the dispute over the main contract, and the debtor's property is still unable to perform the debt according to law, the guarantor may refuse to undertake the guarantee liability.

legal ground

Article 687 of the Civil Code

If the parties agree in the suretyship contract that the surety shall bear the suretyship liability when the debtor fails to perform the debt, it is a general suretyship.

The guarantor of a general guarantee has the right to refuse to undertake the guarantee liability to the creditor before the main contract dispute has been tried or arbitrated and the debtor's property has been enforced according to law, except in one of the following circumstances:

(1) The debtor's whereabouts are unknown and there is no property available for execution;

(2) The people's court has accepted the bankruptcy case of the debtor;

(3) The creditor has evidence to prove that the debtor's property is insufficient to perform all debts or cannot perform debts;

(4) The Guarantor waives the rights stipulated in this clause in writing.