My Hogwarts has a serious problem.

Chapter 368, Section 365: Bankruptcy

On October 25th, the British Magic Union Company held its shareholders' meeting.

Of the 16 family shareholders who were initially forced to join, 15 were present, except for Mrs. Roll, who was later discovered to be a spy for the United States.

However, compared to the dinner in early September, the expressions on everyone's faces at this meeting were not very pleasant.

"Why is this happening, John! Our shops in Diagon Alley were bustling with people just a month ago, but I just went there before coming, and all the shops with the 'United' sign are practically haunted!"

One shareholder said angrily, looking extremely furious.

Old John didn't speak, but Malfoy, sitting to the side, also spoke with a gloomy face.

"During this period, I have been receiving a constant stream of news, all of which are about our joint venture company."

First, the Daily Prophet exposed that some of the brooms we sold had defects. After the store recalled them for after-sales service, they were sold privately at a high price. Then, the customers were told that the brooms could not be repaired and they could only get a full refund.

Everyone knows how much that flying broomstick has increased in price now!

If customers don't accept it, we deliberately drag it out until they report the matter to the authorities, and only then do we issue a statement saying that the matter was handled properly?

Do you think we shareholders can't see the problem?

Isn't it just that there are corrupt officials in the company using flying brooms to gamble on futures trading?

The company's vetting process is so extreme that it's even scrutinizing dogs!

There were also shops selling magical materials whose advertisements claimed that 90% of their products came from Northern Ireland, rather than being inferior materials from Great Britain.

What is this all about? Is this an attempt to sow discord within the British magical community?

This slogan even alarmed the Ministry of Magic. The store across the street was shut down, and wizards all over Great Britain are boycotting our United Company!

The entire company is in complete disarray; what are you managers doing?!

Malfoy recounted the worst events that had occurred in the past month, along with many others, such as the bookstore being caught secretly selling dark magic books, the alchemy shop selling defective items, and customers being beaten up by the shop's staff when they confronted them.

If one company were to have something like this happen, it would be bad enough, but this company has recently had it all.

Another shareholder added.

"Not only that, the Lungad company that we mentioned to you before and that you should be wary of has completely overtaken us recently, and they have taken over almost all of the market share we lost."

Even some employees who couldn't stand the 996 work schedule angrily switched to them. They're like jackals following behind, constantly tearing flesh off us. If this continues, we're all doomed!

One after another, the shareholders spoke up; they were all indeed very eager.

"You also own half of the investment, John! If this continues, we'll all lose money, but you'll lose even more! Nobody turns down money; you have to find a way to recover our losses and make that Lungard company go to hell!"

After they had all finished speaking, the shareholders all turned their attention to him, and only then did old John speak calmly.

"Everyone, I think you all know why this situation has come to this and who should take responsibility for it."

"Who should take responsibility! Your team has always been the one managing and operating the company! And now you're telling us who should be held accountable!"

Someone seemed to be angered by Old John's words and shouted.

Old John glanced at him expressionlessly, his aura as a superior who had long governed a company that controlled the economic lifeline of half of the European magical world causing the shareholder to instinctively avoid his gaze.

"I am well aware of all the little tricks you have been up to behind the scenes. Although the company is nominally still under my control, you have been secretly adding your own scum to the downstream distributors."

The reason why there are such problems with the after-sales service of Nimbus Flying Broom is because the people there have long been infiltrated by the Selwyn family. I just turned a blind eye to it out of respect for you.

There's also the slogan at the magic materials shop that says it's a business outsourced to the Pwett family.

These problems are entirely your own responsibility, yet now you're using them to question me?

Your skin is thicker than dragon skin!

John wasn't wrong about them. On the surface, these things were indeed things that these pure-blood families brought upon themselves, but who was actually pulling the strings behind the scenes was anyone's guess.

The families mentioned by name fell silent. They had been shouting so enthusiastically just moments before, but now they were all speechless.

"What we need to discuss now is not who should take responsibility, but how to turn the situation around, stop the company's losses, and then start to develop and operate again."

Some shareholders acted as peacemakers, as if they weren't the ones who had just been clamoring that all the responsibility lay with Old John.

Old John leaned back in his chair, looked around at the group of people sitting there, and said bluntly.

"To be honest, everyone, the company is in its worst state right now. Just 10 minutes before our meeting started, more than half of the management team handed in their resignations. They're all going to jump ship to Lundgate. At this point, let alone salvaging the situation, it's not easy to even find someone to pour tea."

All the shareholders were stunned by his statement.

"Why did this happen! Wasn't the company's management a professional team you brought from your investment firm? Is this what a professional team is like? They ran away before the company even collapsed! What about the contracts? What about the contracts the company signed with them? They have to pay compensation for breach of contract!"

"The contracts we signed with them were all temporary. This was your previous decision, which stated that lenient contracts could lower salaries and save on labor costs. I was just doing what you said. As for what I said before, they were all professional teams I brought. They are indeed very professional, otherwise Lungad Company wouldn't have wanted them."

The shareholders could no longer sit still. They stood up excitedly from their seats, each with a flushed face and bloodshot eyes.

"You have to find a way, John! We've suffered losses, but you're the biggest loser! You own half the shares!"

"I do have a solution."

Old John also stood up, waved his hand, and more than a dozen parchments flew to each shareholder.

"Let's file for bankruptcy."

(End of this chapter)