What do you mean, the company went bankrupt?

Legal analysis: corporate bankruptcy is corporate bankruptcy. The bankruptcy of a company refers to the state that the company can't continue to operate because it can't pay off its due debts, and the court announces that it will stop operating and clear its debts. For a company declared bankrupt according to law, the court shall, in accordance with relevant laws, organize shareholders, relevant authorities and relevant professionals to set up a liquidation group to conduct bankruptcy liquidation of the company.

Legal basis: Article 183 of the Company Law of People's Republic of China (PRC). Where the 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.