Assets 180,000, arrears 174 million! The concrete company declared bankruptcy!

2023, Putian Intermediate People's Court ruled to end the bankruptcy of Fujian Ganglong Concrete Co., Ltd. On March 18,

2023, Putian Intermediate People's Court issued a civil ruling (2023) Min 03 Po Shen No.5, accepting the bankruptcy liquidation case of Fujian Ganglong Concrete Co., Ltd. and appointing the Court to hear it. The Court finds out that Fujian Ganglong Concrete Co., Ltd. has an asset 182129 of 39 yuan and a liability 174033658.3 of 39 yuan. The Court holds that the assets of Fujian Ganglong Concrete Co., Ltd. are insufficient to pay off all debts, and do not have the ability to reconcile or reorganize, which meets the statutory conditions for bankruptcy declaration. In accordance with the provisions of Article 2, paragraph 1, and Article 107, paragraph 1, of the Enterprise Bankruptcy Law of the People's Republic of China, the Court declared the bankruptcy of Fujian Ganglong Concrete Co., Ltd. on June 16, 2023.