Legal basis: Article 125 of the Enterprise Bankruptcy Law of the People's Republic of China. Directors, supervisors and senior managers of an enterprise who violate their duty of loyalty and diligence and cause the enterprise to go bankrupt shall bear civil liability according to law. Persons under the circumstances specified in the preceding paragraph shall not serve as directors, supervisors or senior managers of any enterprise within three years from the date of the end of bankruptcy proceedings.
Company Law of the People's Republic of China
Article 3 A company is an enterprise legal person, which has independent legal person property and enjoys legal person property rights. The company is liable for its debts with all its property. Shareholders of a limited liability company shall be liable to the company to the extent of their subscribed capital contribution; Shareholders of a joint stock limited company shall be liable to the company to the extent of the shares subscribed by them.
Article 20 Shareholders of a company shall abide by laws, administrative regulations and the articles of association, exercise their rights according to law, and shall not abuse their rights to harm the interests of the company or other shareholders; The company's independent legal person status and the limited liability of shareholders shall not be abused to harm the interests of the company's creditors. Shareholders of a company who abuse their rights and cause losses to the company or other shareholders shall be liable for compensation according to law. Shareholders of a company who abuse the independent status of a company as a legal person and the limited liability of shareholders to evade debts and seriously damage the interests of creditors of the company shall be jointly and severally liable for the debts of the company.