When an enterprise goes bankrupt and liquidates, the right to pay off corporate bonds and equity has priority.

When an enterprise goes bankrupt and liquidates, the priority of the liquidation right of corporate bonds and equity is general debt, subordinated debt, preferred stock and common stock. According to Article 1 13 of China's Bankruptcy Law, the bankrupt property shall be paid off in the following order after the bankruptcy expenses and public welfare debts are paid off:

1. Wages, medical care, disability allowance and pension expenses owed by the bankrupt to employees, basic old-age insurance and basic medical insurance expenses owed to employees' personal accounts, and compensation that should be paid to 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.