Washington (CNN) Cambridge Analytica, the embattled data firm that worked on Donald Trump's 2016 presidential campaign, filed for Chapter 7 bankruptcy on Thursday.

The firm voluntarily submitted a petition to declare bankruptcy at the US Bankruptcy Court Southern District of New York.

The filings note an estimated number of creditors between 1-49, estimated assets of $100,001 -- $500,000 and estimated liabilities of $1,000,001 - $10 million.

The company has come under fire over allegations it misused the personal Facebook data of millions.

The company has likewise struggled with the fallout of undercover recordings by Channel 4 News in the UK that showed executives at the firm discussing Cambridge Analytica's efforts on behalf of the Trump campaign and the lengths to which they said they would be willing to go for prospective clients, including then-CEO Alexander Nix suggesting they would "send some girls around" in order to obtain compromising material on a hypothetical candidate.

Read More</s>Cambridge Analytica, the firm at the center of this year's Facebook privacy row, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.

REUTERS: Cambridge Analytica, the firm at the center of this year's Facebook privacy row, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.

Cambridge Analytica LLC listed assets in the range of US$100,001 to US$500,000 and liabilities in the range of US$1 million to US$10 million.

Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.</s>Cambridge Analytica, the firm at the center of this year's Facebook privacy row, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.



Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million. 



Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.</s>Cambridge Analytica, the firm at the center of Facebook privacy scandal, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.

Cambridge Analytica listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million, according to Reuters.

In a Chapter 7 filing, a company goes into liquidation mode, essentially going out of business. It sells property and distributes the proceeds to creditors.

Cambridge Analytica and its British parent SCL Elections said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.

Facebook disclosed in March that consultancy Cambridge Analytica had harvested data belonging to millions of users.

The Cambridge Analytica scandal, affecting up to 87 million users and prompting several apologies from Chief Executive Mark Zuckerberg, generated calls for regulation and for users to leave the social network.

Cambridge Analytica marketed itself as a provider of consumer research, targeted advertising and other data-related services to both political and corporate clients and was hired by President Donald Trump's 2016 U.S. election campaign.</s>Cambridge Analytica LLC, the data firm embroiled in controversy following allegations of misuse of Facebook data during the 2016 presidential campaign, filed for bankruptcy protection in New York.

The company filed for chapter 7 protection Thursday night in the U.S. Bankruptcy Court in New York along with the U.S. arm of its consulting business, SCL Group. The U.K. branch of the company had filed for protection from creditors in the U.K. earlier this month.</s>Cambridge Analytica, the firm at the center of this year's Facebook privacy row, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.

REUTERS: Cambridge Analytica, the political consultancy at the center of Facebook Inc's privacy scandal, filed for Chapter 7 bankruptcy in the United States late on Thursday.

This past March allegations surfaced that Cambridge Analytica, hired by President Donald Trump's 2016 U.S. election campaign, improperly used data of 87 million Facebook users beginning in 2014.

Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.

The petition to file bankruptcy was submitted at the U.S. Bankruptcy Court Southern District of New York and was signed on behalf of Cambridge Analytica's board by Rebekah and Jennifer Mercer, daughters of billionaire Robert Mercer.

The Mercer family was one of Trump's biggest donors.

Cambridge Analytica LLC listed assets in the range of US$100,001 to US$500,000 and liabilities in the range of US$1 million to US$10 million.

London-based Cambridge Analytica was created in 2013 initially with a focus on U.S. elections, with US$15 million in backing from Mercer and a name chosen by former Trump White House adviser Steve Bannon, according to a report by the New York Times.

Facebook has faced multiple investigations in the United States and Europe over its handling of personal data of users, hurting shares of the Mark Zuckerberg-led company.

Zuckerberg has appeared before U.S. congressional committees to testify on data privacy and will meet leaders of the European Parliament soon.

Facebook said on Monday it has suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data before the company restricted data access.</s>Cambridge Analytica, the political intelligence firm whose tactics came under fire and sparked a whirlwind of scrutiny over Facebook data, has submitted papers in the U.S. to begin liquidating.

The company filed late Thursday to enter Chapter 7 bankruptcy in a widely expected decision after the firm had already started similar proceedings in United Kingdom courts.

The move comes less than three weeks after Cambridge Analytica announced it would shut down, citing the debilitating controversy over its handling of some 87 million Facebook users' data and its aggressive political maneuvers, including past ties to the Trump campaign.

The company is also said to be under investigation by U.S. special counsel Robert Mueller as he probes Russian meddling in the presidential election. That will continue.

Cambridge Analytica said earlier this month that it had "unwavering confidence that its employees have acted ethically and lawfully," but "the siege of media coverage has driven away virtually all of the company’s customers and suppliers."

The company had 107 full-time employees and offices in New York, Washington and London as of earlier this month.

In a court filing, Cambridge Analytica listed assets of about $100,000 to $500,000 and debts of about $1 million to $10 million. The company said it had no more than 49 creditors.

More: Cambridge Analytica shutting down in wake of Facebook data crisis

More: Facebook data of 50M users exploited by Trump data firm, say reports; firm suspended

In Chapter 7 bankruptcy, a trustee is typically appointed to oversee a selloff of the debtor's remaining assets. Proceeds are used to pay as many debts as possible.

Afterward, the company ceases to exist, though it's possible that an outsider could attempt to buy intellectual property such as the name or technology.</s>New York — British political consulting group Cambridge Analytica filed for voluntary Chapter 7 bankruptcy in the Southern District of New York, court documents showed.

The firm, whose attorney filed late on Wednesday, announced in early May that it would close and file for bankruptcy in the UK and the US after failing to recover from the Facebook data scandal.

The documents listed Cambridge Analytica’s estimated assets in the range of $100,001 and $500,000, with estimated liabilities between $1m and $10m. Earlier in May, the company, which worked on Donald Trump’s 2016 presidential campaign, claimed its business had been ruined by "numerous unfounded accusations", which rendered operating the business "no longer viable".

The firm became embroiled in scandal in March when former analyst Christopher Wylie revealed it had used a Facebook personality prediction app to hijack up to 87-million Facebook users’ data — claims Cambridge Analytica denies.

Soon after, Cambridge Analytica CEO Alexander Nix was suspended after he was filmed by undercover reporters bragging about ways to win political campaigns, including through blackmail and honey traps.

Meanwhile, another whistle-blower said Britons’ personal data may have been misused by a pro-Brexit campaign ahead of the 2016 referendum in which Britain voted to leave the EU.

Wylie has also since told a Senate panel on interference in the 2016 US election that Cambridge Analytica had used Russian researchers and shared data with companies linked to Russian intelligence.

This week, the New York Times reported the US justice department and the Federal Bureau of Investigation are investigating Cambridge Analytica — although it was unclear if the probe was linked to special counsel Robert Mueller’s into Trump campaign collusion with Russia.</s>The scandal-ridden company has filed for Chapter 7 bankruptcy, reports Reuters. The filing isn’t unexpected as the company and its British parent SCL Elections Ltd said earlier this month they would both be shutting down and filing for bankruptcy after an abrupt drop in business after news of the Facebook-Cambridge Analytica scandal broke in March. It was then that allegations surfaced that said the Trump 2016 election campaign hired the firm to target voters on social media. The company was allegedly improperly using the data of at least 87 million Facebook users since 2014 in attempts to target voters with specific messaging for its users, who did not give their consent to have their demographic and psychometric data be used in such a way.</s>The firm voluntarily submitted a petition to declare bankruptcy at the US Bankruptcy Court Southern District of New York.

The filings note an estimated number of creditors between 1-49, estimated assets of $100,001 -- $500,000 and estimated liabilities of $1,000,001 - $10 million.

The company has likewise struggled with the fallout of undercover recordings by Channel 4 News in the UK that showed executives at the firm discussing Cambridge Analytica's efforts on behalf of the Trump campaign and the lengths to which they said they would be willing to go for prospective clients, including then-CEO Alexander Nix suggesting they would "send some girls around" in order to obtain compromising material on a hypothetical candidate.

Cambridge Analytica said in a statement in March it was suspending Nix and has denied it misused Facebook data for the Trump campaign. In a statement announcing their closure in early May , the company stood by its actions, saying it maintains "unwavering confidence that its employees have acted ethically and lawfully," but that "the siege of media coverage" had driven away its customers and suppliers. "As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration," the statement read. Controversy around Cambridge Analytica's alleged misuse of Facebook data raised a host of new questions about the social media giant's role in the public discourse and elections, and helped prompt renewed scrutiny in Washington, where last month Facebook CEO Mark Zuckerberg testified before committees in both houses of Congress.
Cambridge Analytica files for Chapter 7 bankruptcy.