1. A limited company entering bankruptcy proceedings shall issue a public announcement declaring bankruptcy;
2. Creditors shall declare their claims within the prescribed time limit after learning that the company is bankrupt. If the declaration is not made in time, a supplementary declaration can be made before the property distribution;
3. After the limited company pays off the bankruptcy expenses and * * * beneficial debts, it shall pay off the debts in accordance with the legal order according to the claims declared by the creditors.
Matters needing attention in debt of one-person limited liability company:
1. Shareholders of a one-person limited liability company should pay attention to separating their personal property from the company property;
2. The problem of creditor's rights and debts is not a simple problem of the other party's default and tight capital flow, but a complex institutional problem;
3. In view of the reasons for breach of contract, measures should be taken to correct and prevent it;
4. Strengthen self-management and raise awareness of risk prevention;
5. Pay full attention to the role of lawyers.
To sum up, the bankruptcy expenses and * * * beneficial debts shall be paid off with the debtor's property at any time. If the debtor's property is insufficient to pay off all bankruptcy expenses and debts, the bankruptcy expenses shall be paid off first. If the debtor's property is insufficient to pay off all bankruptcy expenses or beneficial debts, it shall be paid off in proportion.
Legal basis:
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.