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June 28, 2017

Japanese airbag maker Takata files for bankruptcy; Dubai to launch first Crowd Endowment Park in the world; Natwest introduces new Family Business Entrepreneur of the Year award.

Japanese airbag maker Takata files for bankruptcy; Dubai to launch first Crowd Endowment Park in the world; Natwest introduces new Family Business Entrepreneur of the Year award

Faulty airbag-maker files for bankruptcy

An airbag company made famous for all the wrong reasons has filed for bankruptcy in Japan and the United States.

August 4, 2014

Portugal’s government has announced a €4.9 billion plan to save family-controlled Banco Espirito Santo, the country’s largest listed bank, after a series of financial scandals threatened to run the 94-year-old lender into the ground. 

Portugal’s government has announced a €4.9 billion plan to save family-controlled Banco Espirito Santo, the country’s largest listed bank, after a series of financial scandals threatened to run the 94-year-old lender into the ground.

But while taxpayers and senior creditors will be protected in the package, shareholders, particularly the Espirito Santo family, and junior bondholders will be left with toxic assets.

November 8, 2012

Patton Group, a 100-year-old family-owned construction business, has gone into administration after suffering the effects of tough trading conditions.

Patton Group, a 100-year-old family-owned construction business, has gone into administration after suffering the effects of tough trading conditions.

Owned by the eponymous family, the Ballymena, Northern Ireland-based company said this week it was exploring “all possible options for the future”. This could include selling all or part of the family business.

January 31, 2012

The family behind German drugstore chain Schlecker has lost its multi-billion-euro fortune and will be unable to put in money to revive the family business.

The family behind German drugstore chain Schlecker has lost its multi-billion-euro fortune and will be unable to put in money to revive the family business.

That’s according to second-generation Meike Schlecker, who said in a statement that “there are no significant funds [with the family] anymore that could have helped the company”.

August 11, 2008

The largest family-owned department store chain in the US has filed for Chapter 11 bankruptcy protection and secured an agreement with courts and creditors to sell off company assets.

The largest family-owned department store chain in the US has filed for Chapter 11 bankruptcy protection and secured an agreement with courts and creditors to sell off company assets.

Boscov's, which is based in Reading, Pennsylvania, said pressure from the weakened economy had hampered operations in recent years.

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