According to a report in the German Manager Magazin, the first class action lawsuit against Lilium has been filed overseas. It is said to have been filed in the New York District Court at the beginning of November. According to the business magazine, the lawsuit is directed against the company itself – and specifically against CEO Klaus Roewe and CFO Johan Malmqvist. They are alleged to have made false or misleading statements to investors in the months leading up to the insolvency. The company “exaggerated its progress in fundraising and did not give sufficient warning of impending insolvency,” it is alleged. This inadequate and misleading information supposedly harmed Lilium investors.

Lilium officially filed for insolvency for…

A former Three Stone barrister has transferred his practice to Twenty Essex in London, adding civil fraud, insolvency and company law strengths.

London barristers’ chambers Twenty Essex has added Mark Baldock as a tenant, effective yesterday (27 November). He has joined following nearly four years at Three Stone where he completed his pupillage.

Baldock’s practice centres on commercial litigation, including civil fraud, bankruptcy and company law matters including shareholder actions, freezing injunctions, insolvency act claims and contractual disputes before the Chancery Division, Commercial Court and County Court.

He has also acted on offshore mandates, including his instruction by Claritas Legal to advise the…

KATIE Price has taken to selling a worn pair of designer sandals for £100 online, in a fresh twist on her financial woes.

The former glamour model has listed the shabby white Balenciaga sandals on the second hand clothing shop, Depop, which she describes as being in ‘good condition, but with a few marks seen in photos.’

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The TV personality has a marketplace page on the site, where she has listed a variety of clothing items, mainly shoes for sale, as another source of income.

Indeed this appears to be the second time that she has tried…

National Company Law Tribunal, New Delhi: In a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 alleging delays in possession in “Raheja Shilas Low Rise” despite payments by a group of 43 homebuyers, a Division bench of Ramalingam Sudhakar, CJ., (President) and Avinash K. Srivastava (Technical Member), admitted the insolvency petition under Section 7 of the IBC and directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Raheja Developers Limited.

Brief Facts

In the instant matter, the Corporate Debtor (respondent) approached the applicants, a group…

The case against BC Game, heard by Curaçao’s Court of First Instance, relates to bankruptcy petitions filed against the operator. These were made by player advocacy network The Foundation for the Representation of Victims of Online Gaming (SBGOK) in October. 

The non-profit seeks to advocate and represent the interests of players and victims of offshore online gambling. It has initiated a number of cases against Curaçao-licensed operators since its formation on…

A PENSIONER who went to war with his neighbour over where he left his bins has lost his wife to cancer and ended up bankrupt with a £1million bill.

Geoff Carter, 77, fell out with farmer neighbour Trevor Goldsworthy over rubbish left out for weekly bin collections opposite his drive which he says blocked access and attracted flies.

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Six years on from the initial dispute he has been cleared out of all his savings and assets and his wife Corinne, 69, tragically lost her battle with cancer three months ago leaving him a penniless widower.

He has been forced to put…

A section 114 notice only applies to a single financial year, so it is possible for it to happen more than once.

The key figure which determines it is the in-year budget gap.

At the point the notice was issued, that stood at about £23m.

A year on, the latest figure the council has provided for 2024-25 is £2.9m – I’m told this could increase in the coming weeks, but only marginally.

It still looks like a big number, but in council budget terms, it’s not considered insurmountable.

And at a glance, it looks like things are moving in the right direction.

But here’s the big caveat – a huge part of the gap has been made up by something called “exceptional financial support” (EFS).

That’s a technical process which involves selling council assets…

Troubles have been brewing at KTM for most of 2024, with the company’s financial problems well documented. The Austrian company has laid off a number of staff throughout the year, including many key executives, and only a few weeks ago set off alarm bells in the Swiss stock exchange when it forecast a loss for the year. That caused share prices to plummet to below eight Euros, when they had been at 60 a year earlier. Debt has been reported at 1.5 billion, up from 300 million Euros two years ago.

Now joint Chief Executives Stefan Pierer (pictured above right) and Gottfried Neumeister (left) have placed the company into self-administration, giving them breathing space to try to put a strategy together and avoid the company…