Legal analysis: The order of the whole bankruptcy liquidation is: after deducting bankruptcy expenses and beneficial debts, the remaining property is distributed in the following order: First, the wages of employees include overtime pay, compensation fees, basic old-age insurance, etc. The second is the national tax revenue and the third is the creditor's rights.
Legal basis: Article 176 of the Company Law of People's Republic of China (PRC) stipulates that the debts before the division of the company shall be jointly and severally liable by the company after the division. However, unless the company and creditors reach a written agreement on debt settlement before division.