Traditional Culture Encyclopedia - Hotel franchise - What about the bankruptcy debt of the hotel?

What about the bankruptcy debt of the hotel?

Legal analysis: Hotel owners are limited to investment. If there is no false capital contribution, unpaid capital contribution, escape of registered capital, transfer of company property, etc. There is no need to use other property to pay off debts. However, the creditors shall be notified and announced to register their claims. When the general property fails to pay off all debts after deducting bankruptcy expenses, employees' wages, resettlement expenses and taxes, it will be compensated to the general creditors in proportion.

Legal basis: Article 9 of People's Republic of China (PRC) Bankruptcy Law. If the people's court refuses to accept or execute the bankruptcy application filed by the applicant to the people's court according to Article 7 of these Provisions, the applicant may file a bankruptcy application with the people's court at the next higher level.