1. The reason for bankruptcy is insolvency or inability to pay off due debts. Since the assets are insolvent or the company's book assets cannot pay off its debts, it can only go bankrupt. Of course, these debts cannot be paid off in full according to the original amount. After the bankruptcy proceedings, the company will be cancelled. From the substantive and procedural point of view, the company's main qualification does not exist, and the debt does not need to be paid off. 2. The shareholders of a limited liability company shall bear limited liability for the company's debts, which shall be paid off with all the company's property, and the shareholders shall bear limited liability with their capital contribution. In other words, the company's debts have not been fully paid off after the bankruptcy proceedings, and shareholders do not have to pay them back. However, if a shareholder abuses his position and damages the interests of creditors, he may be jointly and severally liable.
Legal objectivity:
Company Law of the People's Republic of China
essay
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.