Hello, according to the Enterprise Bankruptcy Law of the People's Republic of China (Trial), the bankruptcy claims are paid in the following order:
1, pay off employees' wages, social labor insurance premiums and statutory compensation;
2. Pay the taxes owed;
3. Pay off the company's debts;
4. Distribution according to the proportion of shareholders' investment.
Before the creditor's rights in the previous order are fully paid off, the creditor's rights in the latter order shall not be distributed. If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall be paid off to the creditors in the same proportion.
In addition, the repayment order of bank loans depends on whether there is property guarantee and whether priority is exercised.
The Supreme People's Court's "Provisions on Several Issues Concerning the Trial of Enterprise Bankruptcy Cases" also points out that the living expenses and medical expenses of employees during the liquidation period can be paid in priority from the bankrupt property.