Legal analysis: bankruptcy includes bankruptcy and bankruptcy reorganization, so the scope of bankruptcy is wider than bankruptcy; Bankruptcy means that when all the debtor's assets can't pay off the debts due, the debtor or creditor will pay off all the debtor's assets equally through certain legal procedures, so that the debtor can be exempted from other debts that can't be paid off. Bankruptcy refers to a kind of enterprise behavior and economic behavior in most cases. However, people are sometimes used to calling an individual or company bankrupt if it stops operating. Closure refers to the closure of an enterprise or business due to losses. Bankruptcy still has production capacity, that is to say, capital and debt offset or have little difference. Bankruptcy is the loss of production vitality of enterprises. Both are measures taken by enterprises only when they can't go on. Enterprise bankruptcy can apply for bankruptcy protection, which has little damage to the personal property of the business owner; And bankruptcy is to close the enterprise without paying off the previous debts. Bankruptcy can be compensated in sequence, and bankruptcy is not compensated.
Legal basis: Article 89 of the Insurance Law of People's Republic of China (PRC), an insurance company needs to be dissolved due to division or merger, or the shareholders' meeting or the shareholders' general meeting decides to dissolve, or the reasons for dissolution stipulated in the articles of association appear, and it is dissolved after being approved by the insurance regulatory authority of the State Council. An insurance company engaged in life insurance business shall not be dissolved except for division, merger or cancellation according to law. When an insurance company is dissolved, a liquidation group shall be established according to law for liquidation.