Recently, the People's Court of Suzhou District, Jiuquan City, Gansu Province, issued a civil ruling to accept the bankruptcy reorganization application of Gansu Installation and Construction Group Co., Ltd. for Jiuquan Wanxiang Building Materials Co., Ltd. On May 27,
2024, Gansu Installation and Construction Group Co., Ltd. applied for bankruptcy reorganization of Jiuquan Wanxiang Building Materials Co., Ltd. on the grounds that Jiuquan Wanxiang Building Materials Co., Ltd. could not pay off its debts due and had the value of reorganization. The court notified Jiuquan Vientiane Building Materials Co., Ltd. on June 7, 2024. Jiuquan Wanxiang Building Materials Co., Ltd. submitted written materials to the court within the legal time limit, saying that it agreed to the bankruptcy reorganization application of Gansu Installation and Construction Group Co., Ltd.
It is understood that Jiuquan Wanxiang Building Materials Co., Ltd. was registered and established on January 20, 2011, with a registered capital of 160 million yuan and a 2500t/d production line. In the case of disputes over construction contracts between
Gansu Installation and Construction Group Co., Ltd. and Jiuquan Wanxiang Building Materials Co., Ltd., the court issued a civil judgment No.4274 (2022) of Gan 0902 in the early Republic of China on April 3, 2023. The court ruled that Jiuquan Wanxiang Building Materials Co., Ltd. should pay Gansu Installation and Construction Group Co., Ltd. 71653200.76 yuan (about 71.65 million yuan), overdue interest 1450896 4.16 yuan (about 14.5 million yuan), and Jiuquan Wanxiang Building Materials Co., Ltd. should bear the case acceptance fee 472610 0.82 yuan (about 470000 yuan). After the judgment came into effect, Jiuquan Vientiane Building Materials Co., Ltd. failed to fulfill its obligations voluntarily, and Gansu Installation and Construction Group Co., Ltd. applied to the court for enforcement. During the execution process, after inquiry, no property available for execution was found in Jiuquan Vientiane Building Materials Co., Ltd., and the court decided to terminate the execution procedure. After inquiry, Jiuquan Vientiane Building Materials Co., Ltd. has many execution cases as the executed person in the court.
At present, the administrator of Jiuquan Vientiane Building Materials Co., Ltd. is recruiting trusteeship institutions during bankruptcy reorganization.
