According to the provisions of Article 2 of the Bankruptcy Law, 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 3 stipulates that bankruptcy cases shall be under the jurisdiction of the people's court of the debtor's domicile.
Article 7 stipulates that 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.
Legal basis: Bankruptcy Law of People's Republic of China (PRC).
Article 2 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 3 Bankruptcy cases shall be under the jurisdiction of the people's court of the debtor's domicile.
Article 7 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.