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If a company declares bankruptcy, it shall give priority to paying economic compensation to employees in the bankruptcy property. Eligible people can apply for unemployment insurance.

The economic compensation is based on the average salary of the employee in the first 12 months, and is paid to the employee according to the standard of one month's salary for each full year according to the number of years the employee has worked in this 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.

In addition, the wages, medical care, disability allowance and pension expenses owed by the company to employees, as well as the basic pension insurance and basic medical insurance expenses that should be included in employees' personal accounts, should also be paid off first in bankruptcy.

Labor Contract Law

Forty-seventh economic compensation shall be paid according to the standard of one month's salary for each full year of work 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.

Enterprise bankruptcy law

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.