Cambridge Analytica files for Chapter Seven bankruptcy
Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.
Cambridge Analytica’s office in central London. (Photo: Reuters/Files)
Political consultancy firm Cambridge Analytica has filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday, news agency Reuters reported. Cambridge Analytica LLC, which was at the centre of the Facebook data leaks controversy following charges of election meddling, listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million. The firm and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.
After the announcement, speculations were rife that the political consulting firm would be resuscitated in the garb of two fresh firms to be put up in London. However, the company had declined any such possibility. “It’s the end of the show,” Nigel Oakes, the founder of Cambridge Analytica’s British affiliate, SCL Group, had told news agency Bloomberg on Tuesday.
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