We should establish legal systems relating to administrator,separation of property,heritage inventory,disclaim period and judicial proceeding in accordance with Chinese social experiences so as to make the limited succession system more effectively.

This paper,according to relevant laws and regulations,analyzes four closely related and quite important issues about bankruptcy liquidation in private institutions from legal and practical level,namely,the bankruptcy liquidation application of the law,the commencement of insolvency proceedings,the distribution order of the estate after bankruptcy and the resettlement of.

As the 2006 Bankruptcy Law adopts a 3-branch structure in terms of its procedural design,it must contain a common part and specific parts for the 3 branches,namely the Bankruptcy Liquidation Procedure,the Composition Procedure,and the Reorganization Procedure.

Since the promulgation of the Company Law and the Bankruptcy Law, it has been noticed that in certain occasions causes of bankruptcy arise while a company is going through the process of liquidation, which leads to the liability of the liquidators for bankruptcy application to the court and the succession of company liquidation to bankruptcy liquidation.