Limited liability is the baseline — unpaid registered capital and abusive mixing of assets are how shareholders get pulled in.
China Company Law limited liability means shareholders are generally not liable for company debts beyond capital contributions. In insolvency, administrators and creditors pursue unpaid capital, illegal distributions, and veil-piercing where legal personality is abused. Personal guarantees are contractual, not automatic. This wiki is shareholder exposure orientation. Administrator and avoidance pages are enforcement tools. Solvent liquidation still cares about capital contribution completion.
4 questions before you choose the route.
This page identifies the right question and evidence. It does not determine the legal outcome on a reader’s facts.
Is registered capital fully paid?
Capital.
CapitalAsset mixing or abuse of personality?
Veil.
VeilPersonal guarantee outstanding?
Contract.
GuaranteeAvoidance of shareholder transfers?
Avoidance related pages.
AvoidWorking rule: Map the regulated role before marketing or launch in China.
The signal ledger.
These facts move the question beyond a label and into a product, money-flow and control analysis.
Bring a compact evidence docket—not a pitch deck.
Give a compliance team or counsel the operating facts that reveal the perimeter.
Questions people ask before they build.
Short answers for orientation. The right result can change with the service model and current rules.
Does bankruptcy automatically pierce the veil?
No. Abuse facts are required. Courts are fact-specific.
Where is avoidance?
Open /avoidance-transactions-in-china-bankruptcy.
Primary authorities
Reviewed sources support orientation, not a fact-specific assessment.