According to the documents, OrbCare and its subsidiaries, Pariscribe and OrbCare US, each filed for bankruptcy on November 13 after failing to file an alternative proposal under the Bankruptcy and Insolvency Act, to avoid bankruptcy proceedings.
At the same time, the team behind OrbCare has set up a new company under the name Adracare, which operates in a similar business to OrbCare.
According to court documents filed in October obtained by BetaKit, OrbCare was unable to attract a buyer through that process.
Court documents obtained by BetaKit ostensibly referred to an iGan purchase of OrbCare as the best possible outcome.
Court documents obtained by BetaKit ostensibly referred to an iGan purchase of OrbCare as the best possible outcome for all stakeholders. | To read full story, visit https://startuparound.com/read/1575050405.9754605/OrbCare-files-for-bankruptcy-after-failing-to-find-buyer,-team-launches-new-company-instead?ref=audio_experience