Legal analysis: The bankruptcy of a public institution will be carried out in accordance with the relevant provisions of the Bankruptcy Law, and employees’ wages will be paid first. If an employer declares bankruptcy in accordance with the law, it shall pay economic compensation to its employees; secondly, economic compensation shall be paid to the employee at the rate of one month's salary for every full year of employment in the employer. If it is more than six months and less than one year, it shall be calculated as one year; if it is less than six months, economic compensation of half a month's salary shall be paid to the worker, but the maximum number of years for which economic compensation shall be paid shall not exceed twelve years, and this Law The wage standard referred to is the employee’s average wage for the twelve months before the labor contract is terminated or terminated. Finally, even if the enterprise goes bankrupt, it should still pay the wages, medical care, disability benefits, and pensions owed to its employees. The owed wages should be transferred to the employees' personal accounts for basic pension insurance, basic medical insurance, etc.
Legal basis: Article 73 of the "People's Republic of China and Civil Code" If a legal person is declared bankrupt, the legal person shall be terminated when bankruptcy liquidation is carried out in accordance with the law and deregistration of the legal person is completed.