May 29, 2023 07:28 PM

FINANCE

Fallen Tomorrow Holding’s Trust Firm Declared Bankrupt

By Liu Ran and Zhang Ziyu

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What’s new: New China Trust Co. Ltd., formerly controlled by embattled conglomerate Tomorrow Holding Co. Ltd., was declared bankrupt Friday, one year after entering insolvency proceedings.

A court in Southwest China’s Chongqing municipality ruled that the trust firm was unable to pay off due debt and its assets weren’t able to cover all of its liabilities.

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