5. If the assets of the company can't pay off the debts due, the creditors or the company apply to the court for bankruptcy liquidation.
Legal Basis Article 2 of the Bankruptcy Law of People's Republic of China (PRC) Company. If an enterprise as a legal person is unable to pay off its debts due, and its assets are insufficient to pay off all debts or obviously lack 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 The debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation under the circumstances specified in Article 2 of this Law. 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. Article 180 of the Company Law of People's Republic of China (PRC) is dissolved due to the following reasons: (1) The business term stipulated in the Articles of Association expires or other dissolution reasons stipulated in the Articles of Association occur; (2) The shareholders' meeting or shareholders' meeting decides to dissolve; (3) The company needs to be dissolved due to merger or division; (4) The business license is revoked, ordered to close or revoked according to law; (5) The people's court shall be dissolved in accordance with the provisions of Article 182 of this Law.
Article 181 A company may survive by amending its articles of association under the circumstances specified in Item (1) of Article 180 of this Law. To amend the Articles of Association in accordance with the provisions of the preceding paragraph, a limited liability company must be approved by shareholders holding more than two thirds of the voting rights, and a joint stock limited company must be approved by shareholders attending the shareholders' meeting.
Article 182 Serious difficulties have occurred in the operation and management of the company, which will cause great losses to the interests of shareholders. If it cannot be solved by other means, shareholders who hold more than 10% of the voting rights of all shareholders of the company may request the people's court to dissolve the company.
Article 183 Where a company is dissolved due to the provisions of Item (1), Item (2), Item (4) and Item (5) of Article 180 of this Law, a liquidation group shall be established within 15 days from the date when the reasons for dissolution appear to start liquidation. The liquidation group of a limited liability company is composed of shareholders, and the liquidation group of a joint stock limited company is composed of directors or personnel determined by the shareholders' meeting. If a liquidation group is not established for liquidation within the time limit, the creditor may apply to the people's court to appoint relevant personnel to form a liquidation group for liquidation. The people's court shall accept the application and promptly organize a liquidation group to carry out liquidation.