If a limited company goes bankrupt, the registered capital is the bottom line of debt compensation, that is, what is the registered capital, and the debts are paid according to the registered capital. If it is a company of other nature, it will make corresponding compensation according to laws and regulations after filing a bankruptcy application with the court.
See Bankruptcy Law for details:
Article 45 After accepting the bankruptcy application, the people's court shall determine the time limit for creditors to declare their claims. The time limit for filing creditor's rights shall be counted from the date when the people's court announces the acceptance of the bankruptcy application, and the shortest time shall not be less than 30 days and the longest time shall not exceed three months.
Article 46 When the bankruptcy application is accepted, the unexpired creditor's rights shall be deemed to be due.
When the bankruptcy application is accepted, the interest-bearing creditor's rights shall cease to bear interest.
Article 47 Creditors may file claims with conditions and time limits, as well as claims pending in litigation or arbitration.
Article 48 Creditors shall declare their creditor's rights to the administrator within the time limit specified by the people's court.
There is no need to declare the wages, medical care, disability allowance and pension expenses owed by the debtor to employees, the basic pension insurance and basic medical insurance expenses owed to employees' personal accounts, and the compensation that should be paid to employees according to laws and administrative regulations. After investigation, the administrator will make a list and publicize it. If the employee disagrees with the list, he can ask the manager to correct it; If the manager refuses to make corrections, the employees may bring a lawsuit to the people's court.
Article 49 When declaring creditor's rights, the creditor shall state in writing the amount of creditor's rights and whether there is property guarantee or not, and submit relevant evidence. If the declared creditor's rights are joint and several, it shall be stated.
Article 50 A joint creditor may declare his creditor's rights on behalf of all the joint creditors by one person, or jointly declare his creditor's rights.
Article 51 Where the guarantor of the debtor or other joint debtors pay off debts on his behalf, they shall declare their creditor's rights to the debtor.
If the guarantor of the debtor or other joint debtors fail to pay off the debts on their behalf, they shall declare their claims against the debtor in the future. However, unless the creditor has declared all the creditor's rights to the administrator.
Article 52 If a joint debtor is ruled to apply the procedures prescribed in this Law, his creditors have the right to declare their claims separately in each bankruptcy case for all their claims.
Article 113 After the bankruptcy expenses and debts are paid off 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.
If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall be distributed in proportion.
Article 109 A creditor who enjoys a security right over a bankrupt's specific property shall have the priority to be compensated for that specific property.
Article 110 Where a creditor who enjoys the rights stipulated in Article 109 of this Law exercises the right of priority in payment, and it has not been fully paid off, its outstanding creditor's rights shall be regarded as ordinary creditor's rights; The creditor's rights shall be regarded as ordinary creditor's rights.