How to deal with creditor's rights and debts after the company goes bankrupt

Legal analysis: the bankruptcy of a company means that the company can't continue to operate because it can't pay off its due debts, and the court announces that it will stop operating and clean up its creditor's rights and debts. Creditor's rights and debts of a bankrupt enterprise shall be paid off in the order of payment after liquidation.

Legal basis: Article 187 of the Company Law of People's Republic of China (PRC). After clearing up the company's assets, compiling the balance sheet and list of assets, the liquidation group finds that the company's assets are insufficient to pay off debts, and 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.