Electric Guitar confirmed on Tuesday that 3radical, previously its primary operating subsidiary, had entered creditors’ voluntary liquidation following shareholder and creditor approval on 23 December.

The AIM-traded firm said Christopher Errington and Paul Ellison of KRE Corporate Recovery were appointed as joint liquidators.

As a result of the liquidation, Electric Guitar was no longer controlling or conducting any trading business, activities, or assets, and was now classified as an AIM rule 15 cash shell.

Under AIM regulations, the company now needed to complete a reverse takeover or seek re-admission to AIM as an investing company within six months.

Failure to do so would result in the suspension of its shares from trading on…

British cycling company Spoon Group, the owner-operator of bespoke bike brands Spoon Customs and WyndyMilla, as well as custom paint business Gun Control, has entered liquidation, following extensive efforts to adapt to what the group’s owner described as the ongoing “challenging market conditions” affecting the bike industry in recent years.

At the start of 2020, Surrey-based bespoke steel bike brand Spoon Customs merged with fellow British custom bike specialist WyndyMilla, established in 2009 by Henry Furniss and Nasima Siddiqui, under the Spoon Group umbrella.

Spoon founder Andy Carr took over the new company as CEO during the reorganisation, which saw Spoon and WyndyMilla continue to operate as separate…

Dear Prudence is Slate’s advice column. Delia Cai is filling in as Prudie for Jenée Desmond-Harris while she’s on parental leave. Submit questions here.

Dear Prudence,

I’ve been married for 23 years and we have a 10-year-old. Our relationship has not been what I hoped for. It’s been so hard! We did years of couples counseling before we had a child. Since I became pregnant, we do not have any physical intimacy, which stems from him. I just found out that my spouse racked up $100,000 of credit card debt because he “was depressed.” Thankfully none in my name. We separated our finances immediately. I’m so mad. We’ve had separate bedrooms for five years. We don’t argue in front of our child and work…

FORMER Dundee United chairman Stephen Thomson revealed last month that he had officially filed for bankruptcy.

The ex-Tannadice supremo made the revelation live on air as a guest of the BBC’S Off the Ball show.

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He said: “Well, I’ve kind of hit rock bottom to be honest. I actually signed a petition for bankruptcy yesterday.”

And now his exact level of debt has entered into the public domain.

The Courier reports that a document available at Scotland‘s insolvency service gives his level of debt at £881,8333.

Thompson – whose dad Eddy made his name through the…

An era is coming to an end in Frick AG: Stratea AG, formerly known as K. Studer AG, is insolvent. With over 100 employees, a long-established company is on the brink of collapse.

A chapter of regional industrial history is closing in Frick AG: Stratea AG, formerly known as K. Studer AG, is insolvent. More than…

Lilium, a German startup that once led the charge in electric aircraft innovation, has ceased operations and laid off approximately 1,000 workers. After nearly 11 years of development and raising over $1 billion in funding, the company failed to secure the financing needed to continue operations or exit insolvency proceedings.

The news was first reported by Gründerszene, with Lilium’s co-founder and CEO, Patrick Nathen, confirming the closure in a LinkedIn post. Nathen expressed deep disappointment, stating, “After 10 years and 10 months, it is a sad fact that Lilium has ceased operations. The company that Daniel, Sebastian, Matthias, and I founded can no longer pursue our shared belief in more environmentally friendly…

Bristol technology firm 3radical has entered liquidation after no offers for the business as a going concern were received.

The decision was confirmed yesterday after being approved by creditors.

Christopher Errington and Paul Ellison of KRE Corporate Recovery have been appointed as joint liquidators of 3radical.

It comes just eight months after the audience engagement platform was bought by Electric Guitar as part of a buy-and-build strategy.

However Electric Guitar has blamed 3radical’s “revenues and new business generation being significantly below expectations” while the new owner struggled to raise funds after its own share price plummeted.

Electric Guitar has “minimal” cash balances and known creditors…

The New Delhi bench of the National Company Law Tribunal has admitted the insolvency petition filed by operational creditor Metro Tyres Limited against Hero Electric Vehicles Pvt. Ltd. The dispute Centers around an outstanding payment of Rs. 1.85 crore for cycle tyres and tubes supplied by Metro Tyres to Hero Electric.

Hero Electric claims the supplied tyres were of substandard quality, leading to safety concerns for their customers. They argue that this constitutes a pre-existing dispute, preventing the initiation of insolvency proceedings.

Metro Tyres denies these claims, stating that they have a customer-friendly claim policy and that Hero Electric’s concerns are unfounded. The company maintains that the outstanding…