Recently, the People's Court of Gucheng County, Hubei Province, issued a civil ruling to accept the bankruptcy liquidation application of Gucheng Industrial Investment Co., Ltd. for Gucheng CITIC Cement Grinding Co., Ltd.
The court found that CITIC Cement Company was established on May 19, 2009, with a registered capital of 12.22 million yuan, legal representative Zhong Hailing, and business scope: manufacturing and sales of cement grinding, cement products, concrete structural components, fly ash and mineral powder. (Permitted business items can be operated only after obtaining permission from relevant departments). As of February 4, 2026, CITIC Cement Company, as the executed person, has been enforced in the court and has not completed the execution of a total of 18 cases, and the amount of debt that has not fulfilled the effective legal documents is 28843844.64 yuan (excluding interest, penalty interest and other expenses), which obviously loses the ability to pay off debts.
The court held that the domicile of the respondent CITIC Cement Company was the Economic Development Zone of Gucheng County, Hubei Province. According to the provisions of Article 3 of the Enterprise Bankruptcy Law of the People's Republic of China, bankruptcy cases shall be under the jurisdiction of the people's court of the debtor's domicile. Therefore, the People's Court of Gucheng County of Hubei Province has jurisdiction over the case. After examination, the respondent CITIC Cement Company belongs to the bankruptcy qualified subject, which can not pay off the debts due, and its assets are insufficient to pay off all the debts, which obviously lacks the solvency. In accordance with the provisions of Article 2, Article 3 and Article 7 of the Enterprise Bankruptcy Law of the People's Republic of China, it was decided to accept the bankruptcy liquidation application of Gucheng Industrial Investment Co., Ltd. for Gucheng CITIC Cement Grinding Co., Ltd.
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