Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Volocopter CEO Dirk Hoke expects funds to be found, saying his is ‘an attractive company to invest in’ while it restructures
Problems finding fresh funds
Company’s CEO optimistic
Aircraft vital to giga-project
Volocopter, the German air taxi developer backed by Saudi Arabia’s Neom giga-project, has filed for insolvency, blaming difficulties in securing fresh funding.
The company, whose high-profile backers include Mercedes-Benz, Honeywell, Daimler, Intel and Mitsui Sumitomo Insurance Group, said its operations would continue during the insolvency proceedings as it seeks new investors.
The insolvency raises concerns about Neom’s ambitious plans for urban air…
A “leading” Australian provider of telehealth services has been ordered into court liquidation with debts estimated in excess of $10 million.
The company, Ereports Pty Ltd, described itself as “a global network of 400 plus leading medical experts across 65 plus specialties and locations in Australia, South Africa and the UK and a “leading provider” of expert medical opinions worldwide on its website.
But the Australian arm went into administration in April with Thomas Birch, Rachel Burdett, and Jeremy Nipps from insolvency Cor Cordis appointed as administrators.
Ereports was placed into administration as it faced an application from the Australian Taxation Office with the Federal Court, which sought the company to be wound up…
The trucking company found responsible for a crash on the Eastern Freeway that killed four police officers will never pay the $2.31 million fine it received over the incident because it has been placed into liquidation.
Insolvencies and restructuring activity are expected to increase in early 2025 as businesses struggle with rising cost pressures, industry experts have warned.
Surging business costs associated with the autumn Budget are predicted to hit sectors such as hospitality particularly hard.
The warning comes as official data revealed a 13% monthly rise in company insolvencies in November, although the figures remained lower than the same period last year, according to the Office for National Statistics.
Nicky Fisher, immediate past president of R3, the UK’s insolvency and restructuring trade body, and a partner at Herron Fisher, said: “Our members are telling us that inquiries from directors increased in November, as they looked to…
German air taxi pioneer Volocopter has hit a financial snag, filing for insolvency as it struggles to secure new funding. The company, known for its cutting-edge electric vertical takeoff and landing (eVTOL) aircraft, says operations will continue while it seeks investors to stay on track for a planned market debut in 2025.
Volocopter has been a trailblazer in the eVTOL sector since its founding in 2011. The company has developed the VoloCity, a quiet, sustainable, and all-electric air taxi designed for urban environments. With its sights set on entering the market in 2025, Volocopter is nearing certification by the European Union Aviation Safety Agency (EASA).
Despite notable achievements, including successful…
Information on bankruptcy counseling in front of a law firm in Seocho-gu, Seoul [Photo = Yonhap News]
“It’s a clamour because of the plunge in the won right now. Consumer sentiment is unimaginably shrinking as the domestic situation is unstable, and it is in a state of “mental breakdown.” I’m barely enduring every day.” (Mr. A, CEO of a paper company)
As the economic recession drags on, small and medium-sized companies with weak management bases are directly hit by high interest rates and high exchange rates. The number of domestic corporations that went bankrupt last year reached an all-time high.
According to the court’s monthly statistics on the 31st of last month,…
According to a free money advisory service, nearly 4,000 people searched for debt help over Christmas.
3,994 people visited Money Wellness’ website on Christmas Eve, Christmas Day, and Boxing Day for advice on dealing with unmanageable debt.
Almost 2,000 (1,835) people in London searched for support, followed by 461 in the Midlands. 310 people in the North West read up on debt help, with Manchester and Liverpool seeing the greatest number of searches. This was followed by 202 in
Yorkshire, 183 in East England, 175 in the South West, and 101 in the North East.
Wales recorded 88 searches with 66 coming from Scotland and Northern Ireland each.
The figures come ahead of another year of rising living costs. Food prices are expected to…
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Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.
The Mercedes-Benz and Honeywell-backed company plans to continue business operations during the insolvency proceedings while seeking additional funding.
“Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,” the Bruchsal, Germany-based firm said.
The electric vertical takeoff and landing (eVTOL) industry is facing a financial crunch, with companies persistently seeking new investments to support their capital-intensive operations as companies prepare for commercial…
(Dec 30): Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.
The Mercedes-Benz and Honeywell-backed company plans to continue business operations during the insolvency proceedings while seeking additional funding.
“Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,” the Bruchsal, Germany-based firm said.
The electric vertical takeoff and landing (eVTOL) industry is facing a financial crunch, with companies persistently seeking new investments to support their capital-intensive operations as companies prepare for commercial…
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