Recently, according to the civil ruling issued by the People's Court of Toksun County, Xinjiang Uygur Autonomous Region, the applicant, Toksun Sanchuan Building Materials Co., Ltd., applied to the court for bankruptcy liquidation on the grounds that the company had no effective operating assets and had completely lost its ability to liquidate and operate.
The court found that Sanchuan Building Materials Company was established on December 6, 2010 with a registered capital of 30 million yuan. Its business scope mainly includes the production and sale of cement and the sale of building materials. As of February 28, 2026, the Company has total assets of RMB 0 million yuan, total liabilities of 13427 of RMB 0.11 million yuan, and owner's equity-13427 of RMB 0.11 million yuan (including undistributed profit-16427 of RMB 0.11 million yuan). The Company is insolvent. In June
2017, the People's Court of Jimsar County decided to auction all the land, fixed assets and raw materials under the name of Sanchuan Building Materials Company as a whole, and delivered them to the buyer, Xinjiang Zhongtai Chemical Toksun Energy Chemical Co., Ltd., and all the proceeds were used to pay off debts.
The court held that Sanchuan Building Materials Company, as a debtor, applied for bankruptcy liquidation on its own, which conformed to the relevant provisions of the Bankruptcy Law. According to the facts ascertained, the applicant has stopped operating for many years, is unable to pay off the debts due, and has met the conditions for bankruptcy. To sum up, the bankruptcy liquidation application of Toksun Sanchuan Building Materials Co., Ltd. was accepted.
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