After the bankruptcy of a wholly-owned subsidiary, the parent company will bear the debt. Generally speaking, the liability is limited to its capital contribution. However, if the parent company, as the controlling shareholder of the subsidiary, abuses the rights of shareholders and evades the obligation of debt evasion, it can deny the independent legal personality of the subsidiary and require the parent company to bear joint and several liability for repayment.
Legal objectivity:
Article 3 of the Company Law A 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. If the shareholders of a one-person limited liability company cannot prove that the company's property is independent of the shareholders' own property, they shall be jointly and severally liable for the company's debts. Article 14 of the Company Law A company may set up branches. The establishment of a branch company shall apply to the company registration authority for registration and obtain a business license. A branch company does not have legal person status, and its civil liability shall be borne by the company. A company may set up subsidiaries, which have legal personality and independently bear civil liabilities according to law.