The main body of bankruptcy is the company.
Legal bankruptcy is not personal insolvency, but refers to the company. If the bankrupt shareholder has no money to repay, the limited liability refers to the behavior of the company. If it is a private debt between the bankrupt shareholder and the bankrupt shareholder, it also needs to be repaid by the shareholder.
Unlimited liability.
For the bankruptcy of sole proprietorship, individual partnership and other enterprises, they shall bear unlimited joint and several liabilities. After the bankruptcy of the company, all the personal property of the shareholders shall be used for repayment. If there is an agreement, the family property is also included in the scope of debt repayment.
Limited liability.
For limited companies and joint-stock companies, what shareholders bear is limited liability, that is, shareholders contribute their own capital and bear limited liability with the company's property. After the bankruptcy of the company, the court shall form a liquidation group to liquidate the company's creditor's rights and debts, and repay the debts in the form of transfer, auction and sale of the company's assets. If the company is insolvent, it shall distribute the debts in proportion according to the corresponding order.
Unlimited liability of shareholders of a limited company.
If there is evidence to prove that the shareholders of a limited company deliberately use the bankruptcy procedure to transfer assets to avoid debts, the court may sentence the shareholders of the company to bear unlimited liability and may pursue relevant legal liabilities.
After the bankruptcy of the company, the shareholders shall recover the compensation for the establishment of a new company.
After the bankruptcy of the limited company, a new company was established. In principle, the new company has no obligation to repay, but if there is an agreement or commitment, and the new company is willing to repay, the new company can also repay.
The importance of credibility.
The above is the relevant treatment method stipulated by law. From the moral level, people and work should be based on honesty. Now there is no money to pay back, and it's understandable not to repay the debt, but when you have the ability to pay back, you can't forget to owe someone else's old debt.