By Yun Park · April 30, 2025, 5:23 PM EDT
A team of lawyers from Pashman Stein Walder Hayden PC is leading the bankruptcy case of Creativemass, the developer of a wealth management software app, as the business looks to wind down…
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CustomCells Files for Insolvency Proceedings for Key Operating Entities
Kiel / Itzehoe / Tübingen, April 30, 2025 – German battery pioneer CustomCells has filed for insolvency proceedings for the group’s key operating entities located in Itzehoe and Tübingen. The competent court in Kiel has appointed attorney Dr. Malte Köster, a partner at the law firm WILLMERKÖSTER, as the preliminary insolvency administrator of the operating companies. WILLMERKÖSTER is one of the leading insolvency law firms in Germany. The holding…
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Nazia BIBI KEENOO
Published
April 30, 2025
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New economic considerations came to the forefront early Wednesday when the Commerce Department announced a shrinking in the gross domestic product (GDP) for the first quarter of 2025. GDP, which measures the overall value of services and products, shrank at a 0.3% annual growth rate for January through March, down from the 2.4% growth it experienced in the final quarter of 2024.
The news was not welcome for millions of…
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Nazia BIBI KEENOO
Published
April 30, 2025
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Another Canadian retailer has sought creditor protection amid financial struggles.
Hakim Optical, a large eyewear and optical chain with more than 140 stores across Canada, is the latest company to file for creditor protection under the Bankruptcy and Insolvency Act. But the stores may remain open.
The company filed a Notice of Intention to Make a Proposal on April 16, according to KSV Restructuring Inc. which is appointed as the proposal trustee.
The total amount owed to creditors is more than $25 million, according to a notice to creditors from KSV.
While the chain has filed under the Bankruptcy and Insolvency Act, KSV Restructuring Inc. said “it is important to note that the Company is not bankrupt.”
The filing will help…
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Cyber Group Studios known for popular IPs such as Gigantosaurus, Press Start and others will be liquidated, according to a ruling of the Paris Commercial Court. It means that the company’s assets will now be sold part by part to make the payment to the creditors.
As per reports, in November 2024, the company entered judicial recovery process, a form of legal protection implemented after a French company becomes insolvent. The French company was asked to try for financial recovery or completely liquidate despite having four take over bidders namely Hildegarde, Solent Productions, Newen Studios and a joint venture between United Smile, Toonz Media Group and Atlas…
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May marks the unofficial start of summer, but this year, it may also be a smart time to reconsider your financial health. April, after all, was marked by a variety of economic news, ranging from the positive (a lower inflation rate) to the negative (volatile stock market performance). It was the latter development, however, that hurt the savings of millions of Americans — and left borrowers who were already in…
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Companies forced to shut down in South Africa Business Tech
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Sponsored: Credit Card Debt Relief for Texans WFAA
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The German battery cell manufacturer CustomCells has filed for insolvency proceedings to be opened for the Group’s main operating companies in Itzehoe and Tübingen. The holding company of the CustomCells Group is not affected by the insolvency application at this time.
The background to the financial difficulties at CustomCells is the insolvency of the aviation company Lilium, CustomCells’ largest customer. Business operations at CustomCells can continue until further notice. Employees’ wages and salaries are secured up to and including June 2025. A new investor process is being prepared in parallel with the stabilisation of the ongoing business.
This means that one of the pioneers of battery cell development in Germany has gone…
