Due to the shortage of funds and daily operations, enterprises may incur external liabilities. When an enterprise goes bankrupt, it shall start bankruptcy liquidation procedures and pay off debts in the order of bankruptcy liquidation. The first is bankruptcy expenses and public debt; Secondly, the wages, medical expenses and disability pensions owed by the bankrupt to employees should be included in the basic old-age insurance premiums and basic medical insurance premiums of employees' personal accounts, as well as the compensation that should be paid to employees according to laws and administrative regulations; Third, the social insurance premiums and taxes owed by the bankrupt other than those specified in the preceding paragraph; Finally, there are ordinary bankruptcy claims.
Legal basis:
Article 3 of the Company Law of People's Republic of China (PRC) is an enterprise legal person, with independent legal person property and legal person property rights. The company is liable for its debts with all its property. Shareholders of a limited liability company shall be liable to the company with the amount of capital contribution they have subscribed; Shareholders of a joint stock limited company shall be liable to the company with the shares subscribed by them.
The Bankruptcy Law of People's Republic of China (PRC) stipulates that the property as collateral is not bankruptcy property. The processing is carried out according to the following steps:
1. The court shall register the secured property of the bankrupt enterprise separately.
2. The mortgagee shall hand over all the supporting materials of the secured property to the liquidation group.
3. The mortgagee shall hand over the secured property directly owned or managed by him to the liquidation group.
4. The mortgagor shall issue a written certificate to the liquidation group to terminate the mortgage relationship, and the liquidation group shall handle the handover procedures of the secured property.
5. The liquidation group will hand over the secured property to the auction house for auction.
6. The liquidation group shall separately list the auction proceeds of the secured property and hand them over to the mortgagee after deducting the expenses.