Article 7 of the Enterprise Bankruptcy Law stipulates that the debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation under the circumstances stipulated 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.
The bankruptcy liquidation steps of the company are as follows:
1. Decide the members of the liquidation group and establish the liquidation group according to law;
2. Notify creditors to declare their claims;
3. Registered creditor's rights;
4. Convene a creditors' meeting;
5. Determine the bankruptcy property;
6. Designate bankruptcy liquidation plan;
7. The plan was implemented after discussion and approval.
According to the provisions of Article11of the Enterprise Bankruptcy Law, the administrator shall draw up the bankruptcy property price change plan in time and submit it to the creditors' meeting for discussion.
The administrator shall sell the bankrupt property in a timely manner according to the scheme of changing the price of the bankrupt property adopted by the creditors' meeting or ruled by the people's court in accordance with the first paragraph of Article 65 of this Law.
Legal basis:
Article 111th of the Enterprise Bankruptcy Law
The administrator shall draw up a plan for changing the price of bankrupt property in time and submit it to the creditors' meeting for discussion.
The administrator shall sell the bankrupt property in a timely manner according to the scheme of changing the price of the bankrupt property adopted by the creditors' meeting or ruled by the people's court in accordance with the first paragraph of Article 65 of this Law.