That Friday night until the Tuesday morning when I finally was let out to speak to the Listeners [trusted prisoners who support new inmates] were the three most difficult nights of my life. You can't sleep because all of it is true. In jail people do kill themselves, people do harm themselves and people do go crazy. It's the harsh reality when you have never been to prison and that's what your lawyers don't tell you before maybe not to scare you.
Lex Greensill has accused Kemi Badenoch of interfering in an insolvency case for political ends as the last Conservative government sought to protect David Cameron from scrutiny for his involvement in a lobbying scandal. The financier, whose companies paid Cameron millions of pounds, claimed that the current Tory leader used her former ministerial position as business secretary to restructure an inquiry into his activities.
In July, YT Germany announced it would be entering self-administration, but stressed that the US operations would not be affected. They also noted that businesses would go on as usual. However, that didn't seem to be the case. Rumors spread quickly as reports surfaced that the brand was holding onto customers' bikes and their payments due to the insolvency process. Many took to social media to share their frustration with YT Industries.
"These debts are historic. They go back over many years. While some of the issues were worked on in more recent times, the full scale of the problem only became visible during the leadership change in 2025," the Update states. "Once the Board understood the full picture, it was clear that there was no responsible way forward other than liquidation."
Investors claim that, when the facade was exposed, they still hoped they could be bailed out by the £157m worth of diamonds they were told were held in stock. However, the remaining gemstones were valued at just £100,000, a BBC Panorama investigation claims. In 2021, allegedly incorrect accounting figures were published on Companies House, recording sales of more than £100m when the real sales figures that year were reportedly only £5m.
We have reached the point where we can no longer continue to operate in the normal course. Because of this, TPX will be filing what is called a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act. I want you to know this is not a step I wanted to take.
Creditors' voluntary liquidations remain the process companies most commonly enter into - and their consistently high numbers reflect the ongoing challenges, high costs and political and economic uncertainty businesses face.
Insolvency can lead to severe legal consequences, such as personal liability for company debts, if directors do not act in the best interests of creditors.
