1. If it is found that the company's assets are insufficient to pay off its debts, it shall apply to the people's court for bankruptcy according to law;
2. Submit to the company registration authority, apply for cancellation of company registration, and announce the termination of the company;
3. Other main results after applying for termination of liquidation.
legal ground
Article 187th of the Company Law of People's Republic of China (PRC)
After clearing up the company's assets, compiling the balance sheet and list of assets, the liquidation group finds that the company's assets are insufficient to pay off debts, and shall apply to the people's court for bankruptcy according to law.
After the company is declared bankrupt by the people's court, the liquidation group shall hand over the liquidation affairs to the people's court.
Article 188
After the liquidation of the company, the liquidation group shall prepare a liquidation report, submit it to the shareholders' meeting, the shareholders' meeting or the people's court for confirmation, and submit it to the company registration authority to apply for cancellation of company registration and announce the termination of the company.