The domestic perspective
Under PRC law, if a wholly foreign-owned enterprise (WFOE) is unable to repay its debts, and the WFOE's assets are insufficient to settle all its debts, bankruptcy proceedings may be initiated. The WFOE may file for bankruptcy by itself, or a creditor of the WFOE may file for bankruptcy. The directors, senior managers and shareholders may assume liabilities.
Directors and senior managers

