What is the bankruptcy procedure of a joint stock limited company?

Legal analysis: 1. The court shall set up a liquidation group to take over the bankrupt enterprise within 0/5 days from the date of declaring the debtor's enterprise bankrupt; 2. The liquidation group shall notify creditors within 10 days from the date of its establishment, and make an announcement in the newspaper at least three times within 60 days; 4, confirm the bankruptcy property, bankruptcy claims; 5. Allocation of bankruptcy expenses; 6. The liquidation group shall prepare a report on the end of bankruptcy liquidation, which shall be verified by certified public accountants and submitted to the authorized department for examination and approval.

Legal basis: People's Republic of China (PRC) Company Law.

Article 187 If the liquidation group finds that the company's assets are insufficient to pay off debts after clearing up the company's assets and compiling the balance sheet and list of assets, it 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.

Article 189 Members of the liquidation group shall be loyal to their duties and perform liquidation obligations according to law. Members of the liquidation group shall not take advantage of their powers to accept bribes or other illegal income, and shall not encroach on the company's property. Members of the liquidation group shall be liable for compensation if they cause losses to the company or creditors due to intentional or gross negligence.

Article 190 Where a company is declared bankrupt according to law, bankruptcy liquidation shall be conducted in accordance with the Enterprise Bankruptcy Law.