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China legal tool Corporate & startup National framework
Model secured recovery, bankruptcy expenses, employee priority, tax/social-insurance claims and pro rata ordinary unsecured recoveries under the Enterprise Bankruptcy Law waterfall.
After rights against specific collateral and payment of bankruptcy expenses/common-benefit debts, Article 113 generally prioritizes employee claims, then specified social-insurance and tax claims, then ordinary bankruptcy claims. If a tier is underfunded, distributions within that tier are proportional.
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