Chinese company to buy bankrupt German flying taxi firm

by AFP Staff Writers

Berlin (AFP) Mar 13, 2025

Insolvent German flying taxi firm Volocopter is to be bought by a Chinese vehicle parts maker, just weeks after another German company in the field, Lilium, collapsed.

The Chinese firm, Zhejiang Wanfeng Auto Wheel Co., put the price tag of the transaction at 10 million euros ($10.9 million), while Volocopter’s assets were given a book value of around 42 million euros.

Founded in 2011, Volocopter filed for insolvency in December.

It had wanted to bring its two-seater flying electric taxi “Volocity” to market by 2025 but suffered a setback when it had to cancel test flights at last year’s Paris Olympics.

The European…

Business insolvency numbers (liquidations and receiverships) in Scotland for Q3 2024-2025 decreased by 2.4% compared with Q3 2023-2024, to a total of 285 according to latest Accountant in Bankruptcy data.

Business insolvencies (liquidations and receiverships) decreased by 8.9% when compared with the previous quarter’s total of 313 (July-September 2024).

Commenting on the Scottish insolvency statistics, Richard Bathgate, Chair of insolvency and restructuring trade body R3 in Scotland, and a Restructuring Partner at Johnston Carmichael in Aberdeen, said “While corporate insolvency levels in Scotland have fallen compared to last quarter and last month, the make-up of the figures has changed significantly and suggests…

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Liquidators are set to be called in to wind up the firm behind the now-closed St Giles Centre in Elgin.

Official records confirm that the St Giles Shopping Centre Limited’s sole director, 82-year-old Aviemore businessman David Cameron, applied to have the company wound up on February 28.

Details of a petition requesting the appointment of liquidators were published in the Edinburgh Gazette on Tuesday, March 11.

The petition is currently before Inverness Sheriff Court, with creditors given until Wednesday, March 19 to submit their interests in the company.

Mr Cameron is being represented by Gordon Hollerin of Glasgow law firm Harper Macleod LLP.

The Northern…

Tonight, Compass Group New Zealand confirmed it had agreed to acquire the relevant assets of Libelle Group following its liquidation.

This arrangement remains subject to regulatory and customary approvals.

A statement from Compass Group said: “This acquisition provides confidence and continuity of the Ka Ora, Ka Ako Healthy School Lunches programme, ensuring meal delivery to students across the country continues.”

Compass Group New Zealand will be working with Libelle’s employees regarding ongoing employment arrangements over the coming days.

Paul Harvey, managing director of Compass NZ, added: “Our teams are united in our commitment to providing lunches every school day to tamariki in our communities.

The liquidators said total liabilities were $3,191,418.60.

But the value of Olivado’s plant and equipment, land and building assets was withheld.

Olivado continued operating as a processor and supplier of avocado and olive oil.

The processing facility was just outside Kerikeri.

“The company prior to liquidation had administrators appointed,” the liquidators added in the new report.

“The liquidators made the decision to continue to trade while a deal to sell the company assets was finalised.”

At the time of liquidation, Olivado was still trading and employed seven people.

“These individuals have been provided with temporary employment agreements,” the liquidators added.

Demands made

“The…

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