| In recent years, for the affects of global financial crisis and degradation of the world economy, many companies face difficulties in capital and management. On the background of company bankruptcy, Creditors, shareholders and company are seriously involved in interest disputes. Coountries in the world have built up perfect compulsory liquidation before bankruptcy to regulate the exit order of the market participants, and to ensure the stable and orderly development of the economy.The company, as one of the main civil body with legal script personality, the establishment of the qualification, its change, destroy, should comply with certain legal principles and procedures for the producing of corresponding legal effects, the main qualification liquidation of the company as one of the bankruptcy procedures, its core and essential features designed to eliminate the company's legal personality and the relationship between the company's property laws.The system of compulsory liquidation on Company Law in China is subject to self-liquidation on no statutory law or the normal case, when the creditor or shareh-older apply to the people's court, the court shall specify the compulsory liquidation and the liquidation of the leading and command system. The value of the system of compulsory liquidation of the company is that embodied in different frame of reference being used. Being used character of the company compulsory liquidation system, or the effectiveness of its theory and practice, which determines its necessity and reasonableness as a social existing.This study based on Zhitian compulsory liquidation case, clarified the connotation and extension of the concept, the value and the basic theory, introduced the current principles, system and operational mechanism of the company. By the comparison the special liquidation system between Hong Kong, Macao and abroad, the study put forward the author's concept to explore the inadequacy of our compulsory liquidation system of the company.
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