Since the outbreak of the pandemic, the economic downturn has led many enterprises to operate poorly and face bankruptcy. However, bankruptcy does not mean the end of an enterprise's life. For many valuable enterprises, bankruptcy reorganization is a win-win opportunity for investors, operators, creditors, and bankruptcy administrators.

Subordinate debt refers to debt that is inferior to ordinary debt in terms of bankruptcy liquidation order. According to different causes, subordinated debts can be divided into three basic types: statutory mandatory subordinated debts, agreed subordinated debts, and judge ruled subordinated debts.

For an insolvent enterprise in bankruptcy proceedings, the first issue to be addressed is the settlement of creditors' claims. Insolvent enterprises are often insolvent, and the filed claims can often not be fully satisfied, or even if satisfied, a certain percentage deduction is required. What is the order of repayment for filed claims? Which claims are entitled to priority in repayment?