(1) The expenses required for the management, sale and distribution of the bankrupt property and the expenses for hiring staff;
(two) the litigation costs of bankruptcy cases;
(3) Other expenses paid for creditors in bankruptcy proceedings.
After giving priority to the bankruptcy expenses, the bankrupt property shall be paid off in the following order:
(1) Wages and labor insurance premiums owed by bankrupt enterprises;
(2) Tax owed by the bankrupt enterprise;
(3) Bankruptcy claims.
If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall be distributed in proportion.
Legal basis: People's Republic of China (PRC) Company Law.
Article 187 If the liquidation group finds that the company's assets are insufficient to pay off debts after clearing up the company's assets and compiling the balance sheet and list of assets, it 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.
Article 188 After the liquidation of the company, the liquidation group shall prepare a liquidation report, submit it to the shareholders' meeting, the shareholders' meeting or the people's court for confirmation, and submit it to the company registration authority to apply for cancellation of company registration and announce the termination of the company.
Article 189 Members of the liquidation group shall be loyal to their duties and perform liquidation obligations according to law.
Members of the liquidation group shall not take advantage of their powers to accept bribes or other illegal income, and shall not encroach on the company's property.
Members of the liquidation group shall be liable for compensation if they cause losses to the company or creditors due to intentional or gross negligence.
Article 190 Where a company is declared bankrupt according to law, bankruptcy liquidation shall be conducted in accordance with the Enterprise Bankruptcy Law.