What was the name of the company that collapsed in 1990?

After a raid by the UK Serious Fraud Office in September 1990, the share price collapsed. The CEO Asil Nadir was convicted of stealing the company’s money. Breach of US law, by owning another bank. Fraud, money laundering and larceny. Better known as BCCI. Following market deregulation, there was a housing price bubble, and it burst.

Are there any recent corporate collapses or scandals?

Many recent corporate collapses and scandals have involved false or inappropriate accounting of some sort (see list at accounting scandals ).

What was the name of the company that went bankrupt in 2004?

After falling share prices, and a failed share buy back scheme, it was found that the directors had used fraudulent accounting methods to push up the stock price. Rebranded MCI Inc, it emerged from bankruptcy in 2004 and the assets were bought by Verizon .

Are there any Fortune 500 companies left from 1955?

It’s crazy to think that 88% of the Fortune 500 firms that existed in 1955 are gone. These companies have either gone bankrupt, merged, or still exist but have fallen from the top Fortune 500 companies. Most of the companies on the list in 1955 are unrecognizable, forgotten companies today.

What happens if a C corporation files late?

Corporations can request a six-month filing extension from the Internal Revenue Service. A C corporation is a general corporation — any corporation that hasn’t elected for special tax status. If this corporation files its tax return late, the penalty is not severe.

What happens to your taxes when a corporation ceases to exist?

For the tax year in which the corporation ceases to exist, filers need to check the “final return” box, which is near the top of the front page of the return below the entity information. They do the same on Schedule K-1, Shareholder’s Share of Income, Deductions, Credits, etc.

When to file Form 966, corporate dissolution or liquidation?

They must file Form 966, Corporate Dissolution or Liquidation, if they adopt a resolution or plan to dissolve the corporation or liquidate any of its stock. Also, corporations may need to file these forms with their Forms 1120 or 1120-S: Form 4797, Sales of Business Property, if they sell or exchange property used in their business.