What is suspension and termination of liquidation?

Legal analysis: After clearing up the company's property, compiling the balance sheet and property list, the liquidation group found that the company's property was insufficient to pay off its debts and applied 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. This situation belongs to the suspension of liquidation.

Legal basis: Article 72 of the General Principles of the Civil Law of People's Republic of China (PRC) During the liquidation period, legal persons exist, but they may not engage in activities unrelated to liquidation. The remaining property of a legal person after liquidation shall be disposed of in accordance with the provisions of the articles of association of the legal person or the resolution of the authority of the legal person. Where there are other provisions in the law, those provisions shall prevail. The legal person shall terminate when the liquidation is completed and the registration of the legal person is cancelled; If it is not necessary to register as a legal person according to law, the legal person shall be terminated at the end of liquidation.