legal ground
Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China
If an enterprise as a legal person is unable to pay off its due debts, its assets are insufficient to pay off all its debts or it obviously lacks solvency, it shall clear up its debts in accordance with the provisions of this Law. An enterprise as a legal person may be reorganized in accordance with the provisions of this law if it has the circumstances specified in the preceding paragraph or obviously loses its solvency.
Article 12 1
The administrator shall, within 10 days from the date of termination of bankruptcy proceedings, go to the original registration authority of the bankrupt for cancellation of registration on the basis of the ruling of the people's court to terminate bankruptcy proceedings.