The conditions for bankruptcy of a company include that the company is unable to pay off its debts as they fall due, is insolvent, obviously lacks solvency, or is likely to lose solvency. If the company applies for bankruptcy, it needs to apply for bankruptcy to the people's court of the debtor's domicile. Legal basis: Article 1 of the Enterprise Bankruptcy Law of the People's Republic of China is formulated for the purpose of standardizing enterprise bankruptcy procedures, fairly liquidating claims and debts, protecting the legitimate rights and interests of creditors and debtors, and maintaining the order of the socialist market economy. Article 2 Where 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 are 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 6 When trying bankruptcy cases, the people's court shall safeguard the legitimate rights and interests of enterprise staff and workers according to law, and investigate the legal responsibility of the management personnel of the bankrupt enterprise according to law.
