2020–2026KREAM (크림)
KREAM reported a ₩135.5bn profit that was a paper gain, then Naver injected ₩130bn anyway
non-cash gain booked as net profit₩176.5bn negative equity, ₩130bn Naver bailout
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2020–2026Jente (젠테)
Jente sold luxury goods at a 99% cost ratio to grow revenue, then hit capital impairment
zero-margin sales to sustain revenue₩28.3bn accumulated deficit, full capital impairment
2019–2026Trenbi (트렌비)
Trenbi's UK VAT refund scheme left ₩9.5bn stuck, risking full capital impairment
UK VAT refund on imports went unpaid₩9.5bn receivable stuck two years, capital-impairment risk
1685–2026Toye, Kenning & Spencer
A 341-year-old regalia maker's rescue plan survived one round of cost inflation, not two
2024 CVA outpaced by cost inflation£576,397 owed to unsecured creditors, unrecovered
2026Stealplug
A Malaysian streetwear store blamed a million-ringgit heist for its closure
claimed RM1M inventory theftflagship closed owing suppliers over RM1M
2005–2026Kafka Co., Ltd. (カフカ株式会社)
An apparel contract manufacturer posted a loss almost as big as its entire revenue
¥4.58B net loss against ¥5.93B revenueBankruptcy with ¥6.05B liabilities, ~110 creditors
2013–2026GFG Alliance
GFG Alliance financed Liberty Steel on invoices for unsold goods, then its lender vanished
financier Greensill Capital collapsed~$5B lost financing; 1,450 jobs in 2025 liquidation
2021–2026Fantasia Holdings Group
Fantasia Holdings said it had "no liquidity issue" — then defaulted two weeks later
reassured, then defaulted 2 weeks later$205.7M bond default; $4B offshore debt still unresolved
2007–2026Country Garden Holdings
Country Garden funded its scale entirely with debt and presale cash — then both dried up
presales and refinancing both slowed$252.9B assets vs $29.5B equity; ~$11B bonds defaulted
2026Aike Media
A listed influencer-marketing platform ran out of cash — small shareholders lost it
Ran out of working capitalDelisted; thousands of shareholders' holdings wiped out
2026Paprika
Paprika's second bankruptcy — a fund restart that never solved the underlying problem
no buyer found when protection expired31 stores gone, 151 jobs lost in 2026 alone
2026Gandys
Gandys hits administration — a charity-linked brand undone by a sudden funding withdrawal
sudden withdrawal of fundingadministration filing, closing-down sale, 15 jobs at risk
2023–2026Crompton Greaves Consumer Electricals
Crompton bought Butterfly for growth, then wrote off ₹716 crore of it
Butterfly write-down in Q4 FY26 results₹716 crore impairment; Q4 FY26 net loss ₹531 crore
2026Mario Dice
Designer Mario Dice's Milan company was wound up over unpaid debts
creditor petitioned over unpaid €73,881€73,881 unpaid debt plus €2,320 tax; company liquidated
2026Mud Jeans
Mud Jeans pioneered circular denim but historic debt and a costly model sank it
historic debt overwhelmedhistoric debt; business wound down and webshop closed
2013–2026Cool Japan Fund Inc.
Cool Japan Fund lost ¥54B exporting Japanese culture — now it may be scrapped
missed its targets three times in a row¥54B cumulative loss; ¥14B write-off; abolition pending
2026-07-21欧文酵室 (OVENSTAR)
OVENSTAR's Ningbo push broke cash flow, shuttering stores and leaving wages owed
Ningbo expansion broke cash flowWage arrears (~¥1.53M), closures, and a prepaid-card run
2015–2026Balaan (발란)
Balaan, once Korea's No.1 luxury resale platform, saw its rehabilitation fail in 2026
post-boom losses and a rejected plan₩320bn peak to bankruptcy; ₩72.4bn cumulative losses
2026Prince Bank
Prince Bank built on one founder's empire was liquidated by Cambodia's central bank
US/UK sanctions + founder's extraditionbank liquidated; ~$1B assets; ~200,000 customers exposed
2026International Paper
International Paper wrote off $2.47B of DS Smith goodwill a year after buying it
DS Smith goodwill no longer earned out$2.47B goodwill impairment; $3.516B FY2025 net loss