A company has independent legal person property and is liable for its own debts with all its property. After the people's court accepts the bankruptcy application, if the shareholders fail to fully fulfill their capital contribution obligations, they shall pay their capital contribution as agreed. If the company's shareholders' property is mixed with the company or the company's shareholders fail to pay the capital contribution, the shareholders need to pay the capital contribution or bear certain responsibilities.
The bankruptcy liquidation procedure of a limited company is:
1. The administrator draws up a plan to change the price of the bankrupt property and submits it to the creditors' meeting for discussion;
2. Pay off debts with bankrupt property in turn;
3. Draw up the bankruptcy property distribution plan, which shall be implemented by the administrator after being approved by the people's court;
4. After the distribution is completed, the bankruptcy proceedings shall be ruled to end;
5. The administrator shall cancel the registration within ten days after the end of the bankruptcy proceedings.
To sum up, the debts of the enterprise after bankruptcy shall be borne by the company, and the enterprise shall be liable for the debts of the enterprise with all its property. All the property belonging to the debtor at the time of accepting the bankruptcy application and the property acquired by the debtor from the time of accepting the bankruptcy application to the end of the bankruptcy procedure are the debtor's property.
Legal basis:
Article 35 of the Enterprise Bankruptcy Law of the People's Republic of China
After the people's court accepts the bankruptcy application, if the debtor's investors fail to fully fulfill their capital contribution obligations, the administrator shall require the investors to pay the subscribed capital contribution, which is not limited by the capital contribution period.
Article 3 of People's Republic of China (PRC) Company Law
The company is an enterprise legal person, with independent legal person property and legal person property rights. The company is liable for its debts with all its property. Shareholders of a limited liability company shall be liable to the company to the extent of their subscribed capital contribution; Shareholders of a joint stock limited company shall be liable to the company to the extent of the shares subscribed by them.