If the shareholders are creditors of the company, they can apply for bankruptcy. However, only if the company is unable to pay off its due debts, and is insolvent or obviously lacking in solvency, can it apply for bankruptcy. And it needs to apply to the people's court.
 Legal basis: Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China, if an enterprise as a legal person is unable to pay off its debts as they fall due, and its assets are insufficient to pay off all its debts or it is obviously lacking in solvency, its debts shall be liquidated in accordance with the provisions of this Law. An enterprise as a legal person may reorganize in accordance with the provisions of this Law if it is in any of the circumstances specified in the preceding paragraph or is likely to lose its ability to pay debts. Article 3 Bankruptcy cases shall be under the jurisdiction of the people's court in the place where the debtor has its domicile. Article 7 The debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation under the circumstances specified in Article 2 of this Law. If the debtor is unable to pay off its due debts, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor. If an enterprise as a legal person has been dissolved but has not been liquidated or has not completed liquidation, and its assets are insufficient to pay off its debts, the person who is legally responsible for liquidation shall apply to the people's court for bankruptcy liquidation. Article 8 When applying to the people's court for bankruptcy, a bankruptcy application and relevant evidence shall be submitted.