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Personal loan to company, priority for repayment

Personal loans to companies are given priority in repayment. If personal loans and bank loans are ordinary claims, when the company's assets are insufficient to repay them in full, they will be repaid in proportion. If one of the loans is secured, it will be repaid first. When personal property or corporate bankruptcy property is insufficient to pay off all debts, you must first apply to the court for bankruptcy. After the court accepts the application, it will confirm the bankruptcy claim reporting period and then pay off various claims in accordance with the law.