What should I do if the limited company goes bankrupt?

Legal analysis: after the bankruptcy of a limited company, it can only repay its debts with its existing assets according to law. After an enterprise goes bankrupt, the bankruptcy expenses shall be deducted from the company's property before the debts are paid off, and the remaining property shall be used to repay the debts. When the assets of an enterprise after bankruptcy are insufficient to repay all the expenses, the bankruptcy expenses can be repaid in proportion.

Legal basis: Enterprise Bankruptcy Law of the People's Republic of China.

Article 41 The following expenses incurred after the people's court accepts the bankruptcy application are bankruptcy expenses: (1) litigation expenses of bankruptcy cases; (2) Expenses for managing, changing the price and distributing the debtor's property; (three) the expenses, remuneration and employment expenses of the administrator to perform his duties.

Article 42 The following debts incurred after the people's court accepts the bankruptcy application are beneficial debts: (1) debts arising from the administrator or the debtor requesting the other party to perform the contract that has not been fully performed by both parties; (2) debts arising from the negotiorum gestio management of the debtor's property; (3) Debts arising from the debtor's unjust enrichment; (four) the labor remuneration and social insurance fees that the debtor should pay for continuing to operate and other debts arising therefrom; (five) debts incurred by the manager or relevant personnel in performing their duties; (6) debts arising from the damage to the debtor's property.

Article 43 Bankruptcy expenses and beneficial debts shall be paid off with the debtor's property at any time. If the debtor's property is insufficient to pay off all bankruptcy expenses and debts, the bankruptcy expenses shall be paid off first. If the debtor's property is insufficient to pay off all bankruptcy expenses or beneficial debts, it shall be paid off in proportion. If the debtor's property is insufficient to pay off the bankruptcy expenses, the administrator shall request the people's court to terminate the bankruptcy proceedings. The people's court shall, within 15 days from the date of receiving the request, make a ruling to terminate the bankruptcy proceedings and make an announcement.