Abstract: The institutional difficulties in platform enterprise bankruptcy arise largely from the fact that existing bankruptcy procedures take traditional industrial enterprises as their presupposed model. Consequently, when confronting the dematerialization of data assets, the evanescence of network effects, and the heterogeneity of creditor groups, a functional disorder in rule application emerges. On the property dimension, the personality interests loaded upon data render smoothly applying bankruptcy estate rules centered on tangible assets difficult. On the temporal dimension, a tension exists between the statutory rhythm of bankruptcy procedures and the need to sustain network effects, and the very operation of the procedure may accelerate the erosion of going-concern value. On the participant dimension, the framework of the creditors’ meeting lacks the capacity to accommodate the non-property interests of groups such as data subjects and consumers. In response to these problems, it is worth considering establishing tiered disposal rules for data assets, devising an emergency operating permit and procedural compression mechanism oriented toward protecting network effects, embedding multi-interest participation channels within the creditors’ meeting, and integrating the compliance requirements of data protection law in cross-border contexts. The core logic of these proposals is to achieve functional adjustments at key procedural junctures rather than merely superimposing exceptional provisions onto existing articles.