Legal analysis: according to Chinese laws and related procedures, notify and announce creditors to register their claims. If the disposal order of the company's property (non-collateral) is not enough to pay off all debts after deducting bankruptcy expenses, employees' wages and resettlement expenses, it will be compensated to the general creditors in proportion. If it is insufficient to pay off the debts, it shall be distributed by all shareholders in accordance with the proportion of capital contribution or the provisions of the articles of association.

Legal basis:

Article 3 of People's Republic of China (PRC) Company Law

The company 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 to the extent of their subscribed capital contribution; Shareholders of a joint stock limited company shall be liable to the company to the extent of the shares subscribed by them.

Article 1 13 of the Enterprise Bankruptcy Law of the People's Republic of China

After paying off the bankruptcy expenses and beneficial debts first, the bankrupt property shall be paid off in the following order: (1) wages, medical care, disability allowance and pension expenses owed by the bankrupt to the employees, basic old-age insurance and basic medical insurance expenses owed to the employees' personal accounts, and compensation that should be paid to the 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. The wages of directors, supervisors and senior managers of bankrupt enterprises shall be calculated according to the average wages of employees of the enterprise.