The company is terminated due to bankruptcy or dissolution and loses its legal personality. There are two main situations when the company terminates:
The company went bankrupt. According to the company law, the failure to pay off the due debts is the cause (or bankruptcy boundary) of the company's bankruptcy. The "can't" here means continuous "can't".
The company was dissolved. According to the Company Law, a company can be dissolved in any of the following circumstances: ① The business term stipulated in the articles of association expires or other reasons for dissolution stipulated in the articles of association occur; ② The shareholders' meeting or general meeting decides to dissolve; ③ The company needs to be dissolved due to merger or division; (4) The business license is revoked, ordered to close or revoked according to law; The people's court shall dissolve it according to law.