Maeve Aerospace collapses after hybrid-electric project fails to take off

Configuration of proposed aircraft was switched multiple times over Dutch developer’s brief lifespan. Would-be Dutch hybrid-electric aircraft developer Maeve Aerospace has collapsed, despite last year securing investment from SkyWest Airlines, putting an end to a development process characterised by endless changes to the design of its aircraft. Dutch insolvency documents show the business and parent…

Margate business The Stone Man goes into insolvency with debt of £737,814 including unpaid staff and businesses and out of pocket customers

The Stone Man owes money to businesses, employees and customers A Margate business supplying and installing stone worktops and other services such as bathroom tiling has gone bust owing  money to 61 businesses, between 8 and 13 employees, 39 customers and lender and HMRC debts. The Stone Man, run by director Rob Pering, collapsed with…

Aviation Week Network

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Why did residential solar installer Freedom Forever go under?

At six in the morning on April 15, Nathan DeGray received an email: “Due to the macroeconomic challenges facing the residential solar industry, Freedom Forever has filed for Chapter 11 bankruptcy,” it read. “Unfortunately, effective today, all employee positions are furloughed unless you receive direct communication…indicating otherwise.” Until that moment, DeGray had worked in Connecticut…

Are private schools sending parents bankrupt? In short, yes.

Skyrocketing private school fees mean Australian families are paying the most in the world to send their children to high school. Private schools are literally sending parents broke, with Financial Counselling Australia (FCA) labelling them as “emerging users of bankruptcy”. Astonishingly, private schools and training colleges file more bankruptcy cases than banks, insurers, and local…

Limitation against Corporate Guarantor Commences from Invocation of Guarantee, Not NPA Classification: NCLT Admits Insolvency Petition [Read Order]

The National Company Law Tribunal (NCLT) Kolkata Bench has held that the limitation period for initiating insolvency proceedings against a corporate guarantor commences from the date of invocation of the guarantee and not from the date on which the borrower’s account was declared Non-Performing Asset (NPA). The Financial Creditor had extended various credit facilities to…