Legal basis: Article 7 of the Enterprise Bankruptcy Law of the People's Republic of China. The debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation under the circumstances specified in Article 2 of this Law. If the debtor is unable to pay off the debts due, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor. If an enterprise as a legal person has been dissolved but has not been liquidated or its assets are insufficient to pay off its debts, the person liable for liquidation according to law shall apply to the people's court for bankruptcy liquidation. Article 18 After the people's court accepts the bankruptcy application, the administrator has the right to decide to terminate or continue to perform the contract that was established before the bankruptcy application was accepted, but the debtor and the other party have not fully performed it, and notify the other party. If the administrator fails to notify the other party within two months from the date of accepting the bankruptcy application, or fails to reply within 30 days from the date of receiving the reminder from the other party, the contract shall be deemed to be terminated. If the manager decides to continue to perform the contract, the other party shall perform it; However, the other party has the right to ask the administrator to provide a guarantee. If the manager fails to provide the guarantee, the contract shall be deemed to be terminated.