Does the company need to pay its debts after filing for bankruptcy?

Does the company need to pay its debts after filing for bankruptcy? Companies also need to pay debts after filing for bankruptcy, and the order of paying debts is different. When a company goes bankrupt, firstly, the company has to pay back the wages owed to its employees, as well as some basic insurance fees paid to employees according to various laws, and then the taxes owed by the company and some related debts of the company. Article 187 of the Company Law If the liquidation group for bankruptcy application finds that the company's assets are insufficient to pay off debts after clearing the company's assets, compiling the balance sheet and the list of assets, it shall apply to the people's court for bankruptcy according to law. After the company is declared bankrupt by the people's court, the liquidation group shall hand over the liquidation affairs to the people's court. Article 7 Bankruptcy Law Under the circumstances specified in Article 2 of this Law, the debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation. 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 8 When filing a bankruptcy application with the people's court, the bankruptcy application and relevant evidence shall be submitted. The bankruptcy application shall specify the following items: (1) Basic information of the applicant and the respondent; (2) the purpose of the application; (three) the facts and reasons for the application; (4) Other matters that the people's court deems necessary. If the debtor applies, it shall also submit to the people's court a statement of property status, a list of debts, a list of creditor's rights, relevant financial and accounting reports, a plan for the placement of employees, the wages of employees and the payment of social insurance premiums. Therefore, companies also need to pay their debts after filing for bankruptcy, and the order of paying debts is different. When a company goes bankrupt, firstly, the company has to pay back the wages owed to its employees, as well as some basic insurance fees paid to employees according to various laws, and then the taxes owed by the company and some related debts of the company.