If a listed company withdraws from the market, its reputation will be seriously affected, its market value will be greatly reduced, its financing function will be reduced, and there will be problems in stock pledge, which will bring greater pressure on its liabilities, but it will not necessarily go bankrupt. Only when the enterprise reaches the bankruptcy limit and conforms to the provisions of the civil procedure law will the people's court make a ruling according to law and the enterprise will be declared bankrupt. Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China Article 7 of the Enterprise Bankruptcy Law of the People's Republic of China
Legal objectivity:
Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China. If an enterprise as a legal person is unable to pay off its due debts, its assets are insufficient to pay off all its debts or it obviously lacks solvency, it shall clear up its debts in accordance with the provisions of this Law. An enterprise as a legal person may be reorganized in accordance with the provisions of this law if it has the circumstances specified in the preceding paragraph or obviously loses its solvency. Article 7 of the Enterprise Bankruptcy Law of the People's Republic of China Under the circumstances specified in Article 2 of this Law, the debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation. If the debtor is unable to pay off the debts due, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor. If an enterprise as a legal person has been dissolved but has not been liquidated or its assets are insufficient to pay off its debts, the person liable for liquidation according to law shall apply to the people's court for bankruptcy liquidation.