What to do if the company goes bankrupt and owes millions of debts

Friend, I guess there is no one here to guide you on what to do next, and it is up to you how to face it. I have also experienced your current situation, I have been gambling in Macau, the profitable companies are transferred out to cash out to gamble and lose, 2 houses and 2 cars, all kinds of loans contributed to Macau before and after all kinds of loan sharks close to 1500, and now I have taken my wife and children to start again in a new city, I often comfort myself that as long as the body is healthy, maybe there will be a day to turn over, oh, there is cause and effect, it should be a kind of retribution, want to open a little, life still has to live.

If the company goes bankrupt, the arrears will be repaid in accordance with the order of bankruptcy liquidation.

According to the relevant laws and regulations, after the company enters bankruptcy, it needs to notify creditors and make an announcement. If the creditor fails to declare the creditor's right, it may make a supplementary declaration before the final distribution of the bankruptcy estate, but the distribution that has been made before it will not be supplemented.

The bankruptcy estate shall be paid off in the following order after the bankruptcy expenses and common debts have been paid off first:

1. The wages and medical treatment, disability allowance and bereavement expenses owed by the bankrupt person to the employees, the basic endowment insurance and basic medical insurance expenses that shall be included in the personal accounts of the employees, and the compensation that shall be paid to the employees according to laws and administrative regulations;

2. The social insurance premiums owed by the bankrupt person other than those specified in the preceding paragraph and the taxes owed by the bankrupt person;

3. Ordinary bankruptcy creditor's rights.

If the bankruptcy estate is insufficient to satisfy the claims in the same order, it shall be distributed proportionately. The salaries of directors, supervisors and senior managers of a bankrupt enterprise shall be calculated on the basis of the average wages of the employees of the enterprise.

Legal basis] Enterprise Bankruptcy Law of the People's Republic of China

Article 107:Where a people's court declares a debtor bankrupt in accordance with the provisions of this Law, it shall deliver it to the debtor and the administrator within 5 days from the date of making the ruling, and notify the known creditors within 10 days from the date on which the ruling is made, and make a public announcement.

After the debtor is declared bankrupt, the debtor is called the bankrupt, the debtor's property is called the bankruptcy estate, and the creditor's rights enjoyed by the people's court against the debtor when accepting the bankruptcy application are called bankruptcy claims.

If the company has gone into bankruptcy liquidation. If I am owed 100w, can I recover it? It is necessary to see what the nature of the arrears is for this 100w. In the event of insufficient liquidation of liabilities. There is an order of repayment.

First, first of all, the tax owed by the company was paid.

Second, if there are still residual assets after paying tax, the principal of the bank loan should be repaid first, and if there is still a surplus after the principal is repaid, the interest on the bank loan should be repaid.

Thirdly, after paying off taxes and bank money, there are still assets, and priority is given to paying off employees' salaries. Then there's employee social security.

Fourth, if after the first three items, there are still assets. then begin to pay off the company's debts. Priority repayment of the company's borrowings. For example, if the company borrows you 100w, it will give priority to repaying this loan. If you borrow a lot of people or companies, you will follow the principle of average proportion.

If the loan is repaid and there are still assets, the company will begin to pay off the money owed by the company.

So, look at these sequences, and then determine whether you can be paid off according to the nature of your debt.

If the company goes bankrupt and owes you 1 million, you can file a lawsuit in the court and take legal forms to protect your rights.

The bankruptcy of the company requires an application to the court for a declaration of bankruptcy.

Entered into bankruptcy repayment procedures.

You can only be repaid in the bankruptcy estate, and the wages of the employees are repaid first, and the surplus is the creditor's right.

The bankruptcy law stipulates that if there is a mortgage, security shall take precedence.

Consult a lawyer locally for specific questions.

The court sued for a lawyer to fight the lawsuit.

This consideration can be deducted with fixed assets.

Legal analysis: The treatment of the company's bankruptcy debt of 10 million is as follows: 1. If the company goes bankrupt with unlimited liability, if the company is insolvent, the individual will have to bear the remaining debts, which will endanger personal property.

2. A limited liability company is composed of more than a few (generally 5 people) and a number of less than a few (generally 21 people) shareholders, and the shareholders are limited to the amount of their capital contributions, and the company has limited liability for the company's debts, referred to as ****. In other words, as long as the company has gone through the statutory liquidation procedures and the shareholders have not withdrawn funds and assets, even if it is insolvent, the legal person and the shareholders do not need to be liable.

Legal basis: Article 47 of the Labor Contract Law of the People's Republic of China Economic compensation shall be paid to the worker according to the number of years of service in the employer and one month's salary for each year of early completion of the pir. If the employee is more than six months but less than one year, and the employee shall be paid half a month's salary for six months after six months of the total is calculated as one year.

If the monthly wage of a worker is three times higher than the average monthly wage of the employee in the previous year announced by the people of the municipality directly under the Central Government or the city divided into districts where the employer is located, the standard of severance shall be paid to him at the rate of three times the average monthly salary of the employee, and the maximum period of severance shall not exceed 12 years. The term "monthly wage" mentioned in this article refers to the average salary of an employee in the 12 months prior to the termination or dissolution of the labor contract.

Legal Analysis: How to deal with the debts of the company that goes bankrupt should depend on the debtor. If the debtor is a legal person, the property of the legal person shall be borne by Yamaga.

If a company is established, it should be responsible for the company's assets, and in the case of a partnership, it should distribute profits and bear debts in accordance with the partnership agreement, but each partner shall be jointly and severally liable.

Legal basis: Article 70 of the Civil Code of the People's Republic of China Where a legal person is dissolved, except in the case of merger or division, the liquidation obligor shall promptly form a liquidation group to carry out liquidation.

The directors, directors and other members of the executive or decision-making body of the legal person are liquidation obligors. Where laws and administrative regulations provide otherwise, follow those provisions.

Where the liquidation obligor fails to perform the liquidation obligation in a timely manner and causes damage, it shall bear civil liability; The competent authority or interested parties may apply to the people's court to appoint relevant personnel to form a liquidation team to conduct liquidation.

If the enterprise goes bankrupt, the creditor who owes the money can declare the creditor's rights. After bankruptcy liquidation, the bankruptcy administrator will pay off the debts in the order prescribed by law.

1. What are the conditions for the company to apply for bankruptcy.

Conditions for a company to file for bankruptcy. In order for a company to apply for bankruptcy liquidation, it must meet the statutory conditions. The specific conditions are as follows:

1. If the company cannot pay off the due debts, it can apply for bankruptcy to the people's court; 2. If the company is insolvent or obviously lacks solvency, it can apply to the people's court for bankruptcy. Insolvency means that the debtor's liabilities exceed the actual assets. After the company applies for bankruptcy, it will carry out bankruptcy liquidation, and notify creditors to declare their creditor's rights, and pay off the debts in accordance with the liquidation order.

2. How to compensate creditors in bankruptcy liquidation.

Creditors shall be compensated in the bankruptcy liquidation as follows:

1.The creditor's rights shall be declared to the bankruptcy administrator and shall be declared within the time limit for the declaration of creditor's rights.

2.If the creditor is unable to get repayment from the company or cannot be repaid in full, it has the right to claim damages for infringement from the members of the liquidation group.

The bankruptcy estate shall be paid off in the following order after the bankruptcy expenses and common debts have been paid off first:

1) The wages and medical treatment, disability allowance and bereavement expenses owed by the bankrupt person, the basic endowment insurance and basic medical insurance expenses that should be transferred to the employee's personal account, and the compensation that shall be paid to the employee according to the laws and administrative laws;

2) The social insurance premiums owed by the bankrupt person other than those provided for in the preceding paragraph and the taxes owed by the bankrupt person.

3. What are the provisions of the company's bankruptcy liquidation procedures?

The procedure for the bankruptcy liquidation of a company is as follows:

1. Notify and announce creditors. Within 10 days after the establishment of the liquidation group, the creditors shall be notified and announced.

2. Declare creditor's rights. The creditor shall declare the creditor's rights within 30 days from the date of establishment of the liquidation group, and if it does not receive the notice, within 45 days from the date of the announcement of the liquidation group. During the declaration of creditor's rights, the liquidation group shall not pay off debts to individual creditors.

3. Prepare balance sheet and property list. If the liquidation team finds that the company's assets are insufficient to pay off all debts after preparing the balance sheet and property list respectively, it shall transfer the liquidation affairs to the people's court and apply to the people's court to declare bankruptcy in accordance with the law.

4. Publish an announcement.

Article 48 of the Enterprise Bankruptcy Law of the People's Republic of China provides that a creditor shall declare its creditor's rights to the administrator within the time limit for declaring creditor's rights determined by the people's court. The wages, medical treatment, disability allowance and bereavement expenses owed by the debtor to the employees, the basic endowment insurance and basic medical insurance expenses that should be transferred to the employees' personal accounts, and the compensation that shall be paid to the employees according to laws and administrative regulations, do not need to be declared, and the managers shall make a list and publicize them after investigation. If employees have objections to the list records, they may request that the manager make corrections; If the manager refuses to make corrections, the employee may file a lawsuit in the people's court.