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Kizuna HD's Application for Corporate Rehabilitation Has Been Rejected; a Preservation Order Has Been Issued in Preparation for Bankruptcy; Total Liabilities Exceed 28.9 Billion yen...the Largest Debt Amount Ever for a Social Welfare Provider
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An Osaka-based welfare company suspected of fraudulently receiving government subsidies has had its application for corporate reorganization rejected by the court. Kizuna Holdings, the company in question, has been criminally charged by Osaka City for fraudulently receiving approximately 7.9 billion yen in subsidies. Kizuna Holdings applied to the Osaka District Court for corporate reorganization in June of this year, but the application was rej…
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