What should a limited liability company do if it has debts?

Legal analysis: Under normal circumstances, if it is a limited liability company, it can submit to the people's court for reorganization, reconciliation or bankruptcy liquidation. The limited liability company can be used to pay off the project funds after applying for bankruptcy property price change. If the creditors do not agree, the amount of the bankruptcy property can also be kept unchanged. It would be better if it could be repaid in full. If you can't pay back in full, you can pay back as much as you can.

Legal basis: Article 43 of the Enterprise Bankruptcy Law of the People's Republic of China, bankruptcy expenses and beneficial debts shall be paid off by 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.