Insolvency measures when the company goes bankrupt: according to the wages, medical care, disability allowance and old-age expenses owed by the bankrupt to the employees, the basic old-age insurance and basic medical insurance expenses owed to the employees' personal accounts are paid in the first order, other social insurance expenses and taxes owed by the bankrupt are paid in the second order, and ordinary creditor's rights are paid in the third order, which is distributed in proportion in the same order.
Legal objectivity:
Article 113 of the Enterprise Bankruptcy Law of the People's Republic of China, after the bankruptcy expenses and beneficial debts are paid off, the bankruptcy property shall be paid off in the following order: (1) The wages, medical care, disability allowance and pension expenses owed by the bankrupt to the employees shall be recorded in the basic old-age insurance and basic medical insurance expenses of the employees' personal accounts, and the compensation payable to the employees according to laws and administrative regulations; (2) Social insurance premiums and taxes owed by the bankrupt other than those specified in the preceding paragraph; (3) Ordinary bankruptcy claims. If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall 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.