According to the provisions of China's enterprise bankruptcy law, enterprises belong to legal organizations and have independent property rights. After bankruptcy, all the property of the legal person shall be responsible for paying off the debts. 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 debts due, its assets are insufficient to pay off all its debts or it obviously lacks solvency, the debts shall be cleared in accordance with 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 30 The property belonging to the debtor when the bankruptcy application is accepted, and the property acquired by the debtor after the bankruptcy application is accepted and before the end of the bankruptcy procedure are all the property of the debtor.
Legal objectivity:
Article 123 of the Enterprise Bankruptcy Law of the People's Republic of China * * According to the provisions of Paragraph 4 of Article 43 or Article 120 of this Law, within two years from the date of the end of the bankruptcy proceedings, the creditor may request the people's court to make supplementary distribution according to the bankruptcy property distribution plan: (1) discovering the property that should be recovered according to the provisions of Articles 31, 32, 33 and 36 of this Law; (2) It is found that the bankrupt has other property that should be distributed. In case of the circumstances specified in the preceding paragraph, but the amount of property is not enough to pay the distribution expenses, additional distribution will no longer be carried out and the people's court will turn it over to the state treasury.