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Extralegal governance institutions refer to private or nonstate mechanisms, such as norms, rules, organizations, and behavioural equilibria, which are used
Canoo, a U.S.-based electric vehicle (EV) manufacturer, has filed for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, the company announced Friday.
Chapter 7 bankruptcy is a legal process that involves the complete liquidation of a company’s assets to repay creditors.
Unlike Chapter 11, which allows companies to restructure and continue operations, Chapter 7 typically signals the end of a business. A bankruptcy trustee, appointed by the court, oversees the sale of the company’s assets and the distribution of the proceeds to creditors.
“The filing, made with the U.S. Bankruptcy Court for the District of Delaware, will result in the federal appointment of a bankruptcy trustee to oversee the liquidation of the…
Canoo Inc., the electric vehicle startup that came to the state in 2021 and had facilities in Oklahoma City and Pryor announced Friday it has filed for Chapter 7 bankruptcy.
The company said it could no longer sustain operations after failing to secure federal loans or attract foreign investors.
“Despite being American-made, successfully delivering to such esteemed organizations as NASA, the Department of Defense (“DOD”), The United States Postal Service (“USPS”), the State of Oklahoma and having agreements with Walmart and others, Canoo has unfortunately been unable to secure financial support from the U.S. Department of Energy’s (“DOE”) Loan Program Office. Recently,…
Extralegal governance institutions refer to private or nonstate mechanisms, such as norms, rules, organizations, and behavioural equilibria, which are used to mitigate risks, promote cooperation, and deter opportunism (Dixit, 2004; Leeson, 2008). This section first examines the risks faced by participants in illegal markets and how these risks evolve when illegal transactions move online. It then discusses the governance institutions participants could use to mitigate these risks in both offline and online social settings.
Risk and uncertainty in illegal markets
Illegal markets emerge and flourish in the teeth of state prohibition. These markets supply in-demand goods or services that are unavailable in the legal marketplace (Schelling,
The law is set to change to ban the sale of all in store and online Lotto products to those who are under 18. Photo: RNZ/Asia King
The Problem Gambling Foundation says children should never have been able to purchase gambling products … even for their parents.
Currently Instant Kiwi tickets are the only Lotto products which are age restricted, but legislation will be introduced to Parliament this year to ban the sale of all Lotto products – in store and online – to those who are under 18.
Lotto was welcoming the change and its spokesperson Will Hine said they did not have firm data about the number of under-18s purchasing products, but it was believed the numbers were very low.
A high-profile attorney who has argued cases before the Supreme Court was indicted Thursday after federal prosecutors in Maryland accused him of tax evasion and using his law firm’s money to pay millions of dollars in high-stakes poker debt.
Thomas Goldstein, 54, the publisher of SCOTUSblog, has been charged with several tax-related crimes, along with making false statements on loan applications, according to an federal indictment obtained by HuffPost.
From 2016 until March 2023, Goldstein was the sole owner of his law firm, Goldstein & Russell, and rose to prominence over the years, arguing more than 40 cases in the Supreme Court. In 2002, Goldberg and his wife founded SCOTUSblog, a popular news outlet covering the Supreme Court.
Months after struggling to secure a firm source of funding and of watching its shares lose value on an almost daily basis, the people behind Canoo decided Friday to park the EV venture, flat tires and all and filed for Chapter 7 bankruptcy.
Since it’s not a reorganization or Chapter 11 bankruptcy filed in the Bankrupcy Court of Declare, it means the assets of the company with its manufacturing plant in Oklahoma City and a battery facility in Pryor will be liquidated—sold to the highest bidder or pay off its debts.
In a fairly brief announced made Friday night, Canoo explained, “Despite being American-made, successfully delivering to such esteemed organizations as NASA, the Department of Defense…
This year’s myriad restaurant bankruptcies make it possible to draw many individual lessons about tactics that burdened balance sheets.
But if the filings of bankrupt brands and operators elucidate specific, flawed business practices, like Thai Union Group’s sale-leaseback process at Red Lobster, are there generalizable lessons, given the sheer number of bankruptcies?
This year was brutal for a number of well-known companies and their bottom lines.
As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks.
At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.
Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when…
Westlife singer Shane Filan, who went bankrupt during the property crash, is dipping his toes back into the housing market with a newly registered company, Extra.ie can has learned.
Furthermore, Extra.ie can also reveal that Mr Filan is a newly minted millionaire for a second time, as his music accounts have just posted profits of over a million euros.
Sligo star Shane and his wife Gillian appear to be back on their financial feet as they are both listed as co-directors of Map Property Ventures Limited.
The most recent accounts for Map Property which were filed with the CRO late last year show that the business is sitting on assets of some €238,914. (Photo by Medios y Media/Getty Images)
