bankruptcy law
Article 113
After paying off the bankruptcy expenses and debts first, the bankruptcy property shall be paid off in the following order:
(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.
Two. Labor Contract Law
Article 44 A labor contract shall be terminated under any of the following circumstances:
(4) The employing unit is declared bankrupt according to law;
(5) The business license of the employing unit is revoked, ordered to close down or revoked, or the employing unit decides to dissolve in advance;
Forty-sixth economic compensation in any of the following circumstances, the employer shall pay economic compensation to the workers:
(6) The labor contract is terminated in accordance with the provisions of Item 4 and Item 5 of Article 44 of this Law;
Article 47 Calculation of economic compensation The economic compensation shall be paid according to the standard that the laborer shall be paid one month's salary for each full year of working in the unit. For more than six months but less than one year, it shall be counted as one year; If it is less than six months, economic compensation of half a month's salary shall be paid to the workers.
If the monthly salary of workers is three times higher than the average monthly salary of local workers announced by the people's government of the municipality directly under the central government or the city divided into districts where the employer is located, the standard for paying economic compensation to workers is three times the average monthly salary of workers, and the longest period for paying economic compensation to workers shall not exceed 12 years.
The monthly salary mentioned in this article refers to the average salary of workers in the twelve months before the dissolution or termination of the labor contract.