Insolvency Guardian Media Centre
History repeats itself as Fisker, the electric automaker started by car designer Henrik Fisker, faces a series of challenges that could potentially result in the company filing for bankruptcy. The timing of this is interesting if you consider all the negative press, but it’s probably best to weigh the bad buzz against all the other information about the company we have.
While Tesla is far from being in Fisker shape, the world’s second-biggest EV automaker is taking some fairly desperate measures to increase its profitability as it faces its own challenges. In spite of all the EV troubles for others, Toyota is reportedly going to electrify the Hilux.
And, finally, I had a great night with legendary racer Jacky Ickx — a…
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Melbourne-based tech start-up E-Mersion Media has sensationally collapsed with debts of over $12 million.
According to liquidator Mathew Gollant’s report, the company, which specialised in digitising traditional print magazines, had been at a loss since its inception.
The media-tech company only managed to make four sales in the four years it was in operation, coming in at a measly $84,274.
The business also received a further $200,000 from the government’s JobKeeper grant to pay staff during the COVID-19 pandemic which kept it afloat until it went into liquidation in April this year.
Over the course of these four years, Iliopoulos’ business racked up losses of $12.6 million on staff wages, legal fees, computer…
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Sam Bankman-Fried, former CEO of the bankrupt cryptocurrency exchange FTX, presided over a spectacular collapse that cost his customers billions of dollars. He argues in court filings that anyone owed money by FTX “will eventually be paid in full”. The US government says he’s living in a fantasy land. He was sentenced to 25 years in prison on Thursday.
Last week, FTX’s caretaker, John Ray III, appointed to oversee the company’s bankruptcy proceedings, reminded the court that Bankman-Fried had masterminded a “colossal fraud”, lived a “life of delusion”, and called Bankman-Fried’s lawyers’ claim that no one had been harmed as “categorically, callously, and demonstrably false”.
Bankman-Fried was sentenced after…
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Australian tourists are stranded in Vanuatu after the country’s national airline cancelled international flights for four days, while the Vanuatu government considers putting it into voluntary administration.
Air Vanuatu confirmed in a statement on Thursday afternoon all international flights until Sunday were cancelled, and flights after that day are “under review”.
“The Vanuatu government is now…
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Hydroponic farming, a method familiar to those growing crops such as lettuce in greenhouses, is not a new concept. However, recently, a water-based cultivation project stood out. The project’s floating island was showcased at the Floriade in Almere. Its first harvest took place in the summer of 2022.
This experiment was a collaborative effort by Floating Future, Wageningen University, and students from Aeres University of Applied Sciences. The experiment initially received quite some attention but later fell silent. By 2023, updates ceased. The company has now been declared bankrupt, according to a verdict from the Gelderland…
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Is it better to die in debt or declare bankruptcy in retirement? MarketWatch
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Tigerlily has been rescued once again with Seafolly purchasing its swimwear competitor out of its second voluntary administration.
Boho swimwear brand Tigerlily has once again been lifted out of voluntary administration, this time by fellow swimwear brand Seafolly.
Tigerlily was founded nearly 25 years ago in Sydney. The swimwear company fell into voluntary administration for the first time in 2021 following the fallout from the Covid 19 pandemic. It was rescued just months later, by fellow Australian company Crumpler under Crescent Capital. In March this year, the company announced it has fallen back into voluntary administration following an unsuccessful search for a buyer.
This week, it has been revealed that Australian swimwear…
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German tennis legend Boris Becker was discharged from bankruptcy court in London after a judge found he had done “all that he reasonably could do” to repay creditors tens of millions of pounds.
Becker fell far short of repaying his creditors nearly $95 million he owed, but Chief Insolvency and Companies Court Judge Nicholas Briggs said it would be “perverse” not to end the case given the efforts Becker made.
“On the spectrum of bankrupts who range from ‘difficult as possible and doing everything to frustrate the trustee’s inquiries’ to ‘co-operative, providing information and delivering up assets’, Mr. Becker clearly falls on the right side of the line,” Briggs wrote.
READ MORE: Former Wallabies coach emerges as shock…
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UBS to liquidate $2 bln real estate fund as office downturn bites Reuters
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The city council of Birmingham, located in the country’s midlands, was slammed with a ginormous equal-pay claim worth up to £760 million ($955 million), following which it said the council had “insufficient resources” to make those payments.
As a result, the council was forced to make drastic cost cuts, resulting in the sacking of 600 staff, closure of community centers, reduction of household waste collections, and even turning down the brightness of its streetlights.
The measures reflected just how precarious the finances of Europe’s largest local authority were, as it turned to the government for additional support.
Now, it turns out, the situation may not have been as dire as anticipated.
A new…
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Rex Airlines has announced it has gone into voluntary administration and cancelled all flights between major airports.
A statement posted on Rex’s website on Tuesday said Regional Express Holdings Limited and a number of its subsidiaries under the Rex Group have entered voluntary administration.
Ernst & Young Australia have been appointed administrators.
The statement said regional Saab 340 flights were unaffected and will continue to operate, but domestic 737 services have been grounded with Virgin Australia offering impacted Rex passengers free rebooking.
“Flights between major airports have been cancelled, with the Rex Group’s domestic fleet of Boeing 737 aircraft all grounded,” the statement said.
“Affected customers are being contacted…