When the fraud was exposed, the business collapsed.
Qintex CEO Christopher Skase was found to have improperly used his position to obtain management fees prior to the $1.5 billion collapse of Qintex including $700m unpaid debts.
After a House of Lords judgment in Equitable Life Assurance Society v Hyman, the Society closed.
Though never technically insolvent, the UK government set up a compensation scheme for policyholders under the Equitable Life (Payments) Act 2010.
A corporate collapse typically involves the insolvency or bankruptcy of a major business enterprise.
A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation.
Skase absconded to the Spanish resort island of Majorca.
Spain refused extradition for 10 years during which time Skase became a citizen of Dominica.
Following market deregulation, there was a housing price bubble, and it burst.
As part of a general rescue as the Swedish banking crisis unfolded, Nordbanken was nationalised for 64 billion kronor.