Legal analysis: after the company applies for bankruptcy, it still needs to continue to pay off its debts, but it needs to pay off all kinds of debts within the scope of the liquidated bankruptcy property in accordance with bankruptcy procedures. Corporate bankruptcy refers to a system in which a company, as an independent legal person, trades with its own property and bears civil liability. However, due to poor management, when the company is unable to repay its debts or insolvent, the company itself or its creditors apply to the court to declare bankruptcy and repay its debts according to bankruptcy procedures. After filing for bankruptcy, the company still needs to repay its debts, including: 1, bankruptcy expenses. 2. * * * Beneficial debt. 3. Wages of employees of the company and economic compensation payable after the termination of the labor contract. 4. Social insurance premiums and taxes owed by the company. 5. Other ordinary creditor's rights. According to China's Enterprise Bankruptcy Law, after paying off bankruptcy expenses and debts first, bankrupt property should pay off other ordinary bankruptcy claims on the premise of protecting workers' labor rights and interests and national public interests.
Legal basis: Enterprise Bankruptcy Law of the People's Republic of China.
Article 113 After the bankruptcy expenses and interest-bearing debts are paid off, the bankruptcy property shall be paid off first in the following order: wages, medical care, disability allowance and pension expenses owed by the bankrupt to the employees, basic old-age insurance and basic medical insurance expenses owed by the employees' personal accounts, and compensation payable to the employees according to laws and administrative regulations; Social insurance premiums and taxes owed by bankrupts other than those specified in the preceding paragraph; Ordinary bankruptcy claims. If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall be distributed in proportion. The wages of directors, supervisors and senior managers of bankrupt enterprises shall be calculated according to the average wages of employees of the enterprise.
Article 114 The distribution of bankruptcy property shall be in the form of monetary distribution. However, unless otherwise decided by the creditors' meeting.