Category Archives: Bankruptcy

EV Maker Canoo Files for Chapter 7 Bankruptcy

Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to… Read the original article here

NCLT directs liquidation of Tulip Hotels as it fails to get bidder within prescribed timeline, ET TravelWorld

NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming…

Cybersecurity Breaches Are Increasing Business Insolvency Risks

Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…

Cybersecurity Breaches Are Increasing Business Insolvency Risks

Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…

England: Builder sentenced after using company funds to pay for Audi and stealing plant machinery

A builder who used company funds to pay for his high-performance car and stole almost £90,000 in plant machinery has been given a suspended sentence.  Vasile Hrusca withdrew more than £67,000 from his own failing company in 2019 to pay off the remaining balance on a hire purchase agreement for an Audi RS6 which he…

Fall in company collapses last year but experts warn of ongoing ‘headwinds’

Despite the drop year on year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis. The figures also revealed that compulsory liquidations – where courts order firms to stop trading because they cannot pay their debts – jumped 14% to…

Fall in company collapses last year but experts warn of ongoing ‘headwinds’

Some 23,872 firms went out of business last year, the Insolvency Service said (Joe Giddens/PA) Company collapses in England and Wales fell last year, according to new official figures, but experts warned of more uncertainty for firms in the coming months. Some 23,872 companies went out of business in 2024, the Insolvency Service said, down…