The Industrie und Privatbank, representing the banking business of the firm of Jakob Michael, one of Germany’s largest firms, went into bankruptcy yesterday.
The firm had liabilities in the amount of 38,000,000 marks, about $9,036,400, as against assets of 1,000,000 marks, or about $237,800.
The firm went into bankruptcy when creditors meeting in an effort to arrive at a settlement were unable to agree.
Jakob Michael is now in Holland.
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