Take responsibility for the bankruptcy of wholly-owned subsidiaries?

Article 14 of the Company Law stipulates that 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. Therefore, a subsidiary is an independent legal person in law and should bear civil liability independently with its own assets, that is to say, its debts should be repaid with its own assets, and so should a wholly-owned subsidiary. When a wholly-owned subsidiary goes bankrupt, its debts should be repaid with its assets, and the parent company that established the subsidiary has no legal obligation to repay its debts. When a wholly-owned subsidiary shall go bankrupt, it shall go through the bankruptcy liquidation procedures stipulated in the Company Law.