What if the limited company goes bankrupt?

Legal analysis: The debts of a limited company after bankruptcy shall be handled as follows: 1. A limited company entering bankruptcy proceedings shall issue a public announcement declaring bankruptcy; 2. Creditors shall declare their claims within the prescribed time limit after learning that the company is bankrupt. If the declaration is not made in time, a supplementary declaration can be made before the property distribution; 3. After the limited company pays off the bankruptcy expenses and * * * beneficial debts, it shall pay off the debts in accordance with the legal order according to the claims declared by the creditors.

Legal basis: Article 43 of People's Republic of China (PRC) Company Bankruptcy Law stipulates that bankruptcy expenses and debts with interest shall be paid off at any time with the debtor's property. If the debtor's property is insufficient to pay off all bankruptcy expenses and debts, the bankruptcy expenses shall be paid off first. If the debtor's property is insufficient to pay off all bankruptcy expenses or beneficial debts, it shall be paid off in proportion. If the debtor's property is insufficient to pay off the bankruptcy expenses, the administrator shall request the people's court to terminate the bankruptcy proceedings. The people's court shall, within 15 days from the date of receiving the request, make a ruling to terminate the bankruptcy proceedings and make an announcement.