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GAC Fiat Chrysler Automobiles, the joint venture between Stellantis and China's Guangzhou Automobile Group (GAC), has formally declared bankruptcy. The
GAC Fiat Chrysler Automobiles, the joint venture between Stellantis and China’s Guangzhou Automobile Group (GAC), has formally declared bankruptcy.
The joint venture shared images of the court ruling issued by a tribunal in China’s Hunan province, which confirmed the bankruptcy, in a post on social media.
This act brings a definitive end to the joint venture, which produced Jeep-branded vehicles for the Chinese market. Operations had already ceased in 2022, when bankruptcy procedures began following a prolonged period of declining sales.
(Translated by Agnese Napoletti, editing by Claudia Cristoferi)
GAC Fiat Chrysler Automobiles, a joint venture between Stellantis and China’s Guangzhou Automobile Group, said on Tuesday it has been declared bankrupt.
The joint venture posted images of a ruling issued by a court in China’s Hunan province declaring the bankruptcy, with its announcement, in a social media post.
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BEIJING (Reuters) -GAC Fiat Chrysler Automobiles, a joint venture between Stellantis and China’s Guangzhou Automobile Group, said on Tuesday it has been declared bankrupt.
The joint venture posted images of a ruling issued by a court in China’s Hunan province declaring the bankruptcy, alongside its announcement, in a social media post.
(Reporting by Beijing Newsroom; Editing by Andrew Heavens)
Net sales are distributed geographically as follows: the Netherlands (1%), North America (41.6%), France (10.4%), Brazil (8.7%), Italy (7.1%), Germany…
Supermodel Kate Moss is the latest celebrity to see their beauty brand topple. Cosmoss has entered liquidation proceedings less than three years after launching.
Cosmoss launched with just six products in 2022(Image: Dave Benett/Getty Images for Cos)
British supermodel Kate Moss’ premium skincare and wellness business has officially filed to end all operations. Cosmoss has entered into liquidation proceedings, less than three years after launching.
According to the most recent company filings, liquidators were appointed on June 24, 2025 and filed to close its operations on June 25. As reported by Business of Fashion, the company last filed accounts in 2023 with the UK’s Companies House; it has never disclosed its revenue. The company…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Mr. Naresh Salecha (Technical Member) and Mr. Indevar Pandey (Technical Member) has held that if property is alleged to be proceeds of crime and is under adjudication by a competent authority under a penal statutes, it cannot be considered part of the freely available resolution estate under the Insolvency and Bankruptcy Code, 2016 (IBC), therefore the Enforcement Directorate cannot be directed to release the assets of the corporate debtor attached by it during the Corporate Insolvency Resolution Process (CIRP) under the Prevention of the Money Laundering Act, 2002 (PMLA).
In a written update to people owed money following the collapse of the company, joint liquidator Leonard Gerber said that he was continuing to recover payments from people who still owed money to the firm, but a refusal by some to engage was going to lead him to pursue recoveries through the courts.
The liquidators have already started litigation against former directors of RG Falla on the basis of wrongful trading, seeking to recover £3.8m.
‘There are a number of debtors, some of them prominent members of the community, who have so far refused to pay the substantial sums they owe to the liquidation estate of Hurel,’ Mr Gerber said.
‘Unless these remaining debtors now engage sensibly and in a timely manner, I regrettably intend to…
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances.
In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound.
Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased.
“Legalization is not a free lunch,” said Scott Baker, associate professor of finance at Northwestern University’s Kellogg School of Management and…
Clothing retailer Esprit Holdings Ltd. released its final results for the 2024 financial year on Monday evening, after a considerable delay. The figures were affected by the ongoing insolvency proceedings of almost all international subsidiaries and the resulting one-off effects. As part of the restructuring efforts and a shift in the business model to licensing partnerships, the company has now given up most of its retail and wholesale business and sold the brand rights for the European market.
Traditional business decline
According to the current annual report, consolidated revenue from continuing operations – excluding the shares of temporarily deconsolidated subsidiaries as part of the ongoing restructuring proceedings –…
