Generally speaking, if a subsidiary goes bankrupt and liquidates, the parent company does not bear direct liability. However, if the parent company is directly or indirectly responsible for the bankruptcy of the subsidiary, or if there is some form of contractual or legal relationship between the parent company and the subsidiary, then the parent company may need to bear corresponding liability.

For example: if the parent company provides a guarantee or assurance to the subsidiary, then the parent company may need to assume debts that the subsidiary cannot repay; if the parent company has improper operations or financial management of the subsidiary, then the parent company may need to bear corresponding legal liability

Generally speaking, the liability for the bankruptcy and liquidation of a subsidiary is mainly borne by the subsidiary and its shareholders. However, if the parent company has relevant agreements such as guarantees or joint and several liabilities, or if there are faults or violations in the operation of the subsidiary, which leads to the bankruptcy and liquidation of the subsidiary, the parent company may need to bear certain responsibilities. The specific circumstances need to be determined according to relevant laws, regulations and contractual agreements.