1. After the company goes bankrupt, there will be a special debt handling team to sort out the debts;
2. After sorting out all assets and debts of the company, start asset disposal and fund collection;
3. Distribute the funds to the corresponding creditors in proportion according to the actual payment amount to complete the debt settlement.
The conditions for a company to apply for bankruptcy include:
1, the debtor loses its solvency;
2. What the debtor can't pay off is the debt that has reached the repayment period, is uncontroversial or has a clear name;
3. Debt is not limited to monetary payment, but it must be a debt that can be evaluated in currency.
Who will bear the debt after the company goes bankrupt;
After bankruptcy, the debts of the company shall be borne by the company. According to the Company Law of our country, the company belongs to a legal person organization, and its civil liability is borne by the company's capital contribution, so the debts after bankruptcy are repaid by the company's assets. According to Article 3 of the Company Law of People's Republic of China (PRC), a company is an enterprise legal person with independent legal person property and enjoys legal person property rights. The company is liable for its debts with all its property. Shareholders of a limited liability company shall be liable to the company to the extent of their subscribed capital contribution; Shareholders of a joint stock limited company shall be liable to the company to the extent of the shares subscribed by them.
To sum up: if the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it will be distributed in proportion. The wages of directors, supervisors and senior managers of bankrupt enterprises shall be calculated according to the average wages of employees of the enterprise.
Legal basis:
Enterprise Bankruptcy Law of the People's Republic of China
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.
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 16
After the people's court accepts the bankruptcy application, the debtor's debt repayment to individual creditors is invalid.