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.
Based out of Amsterdam, Wizenoze, a developer of an online education platform, has been declared bankrupt by the court in Amsterdam on 23-12-2024.
Lack of funding, generative AI, and more
According to co-founder Diane Janknegt, Wizenoze was doing well and needed funding for product development. They secured an agreement with an investor, but when they tried to finalise it at the notary, the payment didn’t arrive.
“Last summer, we had a signed agreement with an investor. But when we went to the notary to finalise it, the payment did not come,” she says.
Janknegt also revealed that this left her startup in a difficult position, stating that the financier’s withdrawal caused major issues, forcing them to focus on…
The supplier of Mercedes-Benz branded “stars” has declared bankruptcy. The German company Gerhardi Kunststofftechnik GmbH failed to cope with the challenges faced by the modern European automotive industry due to the fall in demand for electric vehicles. The company, founded in 1796, survived two world wars but went bankrupt in 2024. This was reported by Bloomberg, according to UNN.
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Gerhardi has declared bankruptcy after a prolonged drop in demand for its products. What will happen to its 1,500 employees is currently unknown. The company began its journey more than two centuries ago with the production of metal products, and then entered the automotive industry and supplied star emblems for Mercedes-Benz sedans.
A Singaporean man has been ordered to repay more than 38 million Australian dollars ($25.7 million) after he lost big during a gambling spree at an Australian casino over the span of a few days.
Queensland’s Supreme Court ruled Monday that Yew Choy Wong owed that amount to the Star Gold Coast, as well as the casino’s legal fees and interest. He had racked up losses of 47.3 million Australian dollars ($31.5 million) there between July 26 and August 2, 2018.
Wong fled the country without settling his bill, according to court documents. The casino tried to recoup its losses using a blank check Wong had given…
Comedian Jay Leno dropped a bombshell about late-night talk show legend Johnny Carson during Leno’s appearance on Bill Maher’s “Club Random” YouTube show. In the episode, Leno recounted how Carson narrowly escaped a mob hit after an incident at a notorious New York bar spiraled out of control.
The revelation came after Maher joked about recent National Enquirer speculation claiming Leno’s recent accidents, including falling down a hill in Pennsylvania, might be tied to alleged gambling debts with organized crime.
Jay Leno shares a story about the time Johnny Carson had a hit out on his life. (Photo by Roy Rochlin/Getty Images)
Though Maher entertained the theory briefly, he quickly dismissed it as ridiculous,…
The breach is one of the largest cyber attacks in the nation’s history, after the personal health information was stolen earlier this year.
MediSecure went into voluntary administration in June.
MediSecure has confirmed hackers stole the data of 12.9 million Australians, in one of the largest breaches in the country’s history.
The company has confirmed the data of Australians who used the MediSecure prescription delivery service up until November 2023 was stolen in May by a malicious third-party actor.
Ms BURNET (Clark) – Given the news about air carrier Rex going into voluntary administration, as transport spokesperson for the Greens, it is necessary to say a few words about the likely impacts on Tasmanians and their transport options and local economies.
The news that Rex has gone into voluntary administration is deeply concerning for Tasmanians, but particularly those directly affected. If Rex is allowed to go the way of Ansett and Bonza, jobs in regional communities in Tasmania will be at risk and the impacts on tourism and the broader local economy will be significant.
The Transport Workers’ Union (TWU) have said that many hundreds of jobs across Australia have gone…
A cabinet body on Tuesday refused to declare Shalimar Recording and Broadcasting Company as strategic, directing the Ministry of Information to find its own path to protect the company from becoming insolvent.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) discussed the Ministry of Information’s proposal to authorise Shalimar Recording and Broadcasting Company (SRBC) to enter into public-private partnership (PPP) to avoid…
Was former UFC middleweight champ Chris Weidman being merciful or cruel when he agreed to choke out one of his friends to forgive his $5,000 poker debt? We’re not sure.
What’s a little unconsciousness between friends? (Image: Instagram @chrisweidman)
Weidman recently posted a video to Instagram of the strangest way we’ve heard of to settle a gambling debt. And it seemed way less funny than Weidman apparently thought it was.
“He lost in poker last night,” Weidman wrote. “It was either pay 5k or get choked…
Lilium, once a darling in the nascent industry of electric aircraft that raised more than $1 billion before going public, has ceased operations and laid off about 1,000 workers after efforts to gain financing and exit insolvency failed.
Update: Lilium might be saved after all. The company said in a Dec. 24 announcement that a consortium of investors has agreed to acquire two Lilium subsidiaries, which would allow it to restructure and exit insolvency.
The publication Gründerszene was the first to report the layoffs. Lilium co-founder Patrick Nathen confirmed on LinkedIn that the 10-year-old company had stopped operating.
“After 10 years and 10 months, it is a sad fact that Lilium has ceased operations. The company that…
Lilium manufactures aircraft like this. (archive picture)
Keystone
The insolvent electric aircraft pioneer Lilium from Germany has found an investor and intends to continue its business. A consortium of investors has signed a purchase agreement for the assets of Lilium’s subsidiaries.
As the start-up company announced on Christmas Eve, the consortium is called Mobile Uplift Corporation. The 750 employees who were laid off on Friday will be brought back, a spokesperson said.
“We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors,” said CEO Klaus Roewe. “The completion of the transaction in early January will enable us to…
The Orchard, a popular dining destination in Sydney’s Penrith has been placed into voluntary administration as it battles with the cost-of-living crisis. ·The Orchard
A popular dining destination has been placed into voluntary administration as it battles with the cost-of-living crisis. The sprawling business in Penrith, which includes a cafe, bar and restaurant, first opened two years ago.
Dubbed “Western Sydney’s most memorable venue”, The Orchard has been the backdrop for many weddings and special events. However, “a period of challenging market conditions” has been blamed for its struggles.
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The Orchard confirmed to customers that the venue would remain “open and fully operational, with a strong…
