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Volocopter remains grounded; court opens insolvency proceedings

Volocopter filed for insolvency at the end of December. After Lilium, it was the second German e-VTOL startup to do so. Since December, the provisional insolvency administrator Tobias Wahl from Anchor Rechtsanwälte has been working on a reorganisation solution. Business operations initially continued, and Volocopter announced its intention to “develop a restructuring concept by the…

Construction boss gambles away £700,000 in company cash

A Nottinghamshire construction boss has been jailed after fraudulently removing more than £700,000 from four struggling companies to fund his gambling addiction. Wesley Grainger-Smith, 66, was sentenced to two years and four months in prison at Lincoln Crown Court after pleading guilty to five counts of fraudulently removing company property. Between 2014 and 2017, Grainger-Smith…