Fallen Tycoon Xiao Jianhua’s Trust Company Gets Green Light for Bankruptcy
New China Trust Co. Ltd., previously controlled by embattled conglomerate Tomorrow Holding Co. Ltd., has been cleared to start bankruptcy proceedings two years after a regulatory takeover.
The China Banking and Insurance Regulatory Commission (CBIRC) said on Wednesday that it had approved the firm’s application for bankruptcy and liquidation. A court in Southwest China’s Chongqing will handle the procedure, according to a court filing on the same day.
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