Bench, the accounting startup that imploded over the holidays, filed for bankruptcy in Canada on January 7 revealing massive debts, documents seen by TechCrunch show.
Bench had $2.8 million in cash on hand by the end of its life but $65.4 million in liabilities, highlighting a critical imbalance.
Over 85% of that debt is unsecured, meaning the bank has little collateral to claim against the loan now that Bench has defaulted.
Bench owes $1.3 million to Bain Capital Ventures, highlighting the significant financial obligations that contributed to its collapse.
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