go bust

This means that if Revolut were to go bust, customers’ deposits would be guaranteed up to £85,000 per person.

Last year, the 78-year-old firm warned that it may go bust unless it could quickly raise new financing.

And around half said they were likely to go bust during this Parliament unless local government funding is reformed.

“Revenue went down, or didn’t grow as much as projected, but that doesn’t mean they are all about to go bust,” said Martin Fridson, CEO of research firm FridsonVision High Yield Strategy.

Why do councils go bust and what happens when they do?