Walt Disney, the famous cartoon creator, filed for bankruptcy in 1920 after one of his main client’s filed bankruptcy.
In the year 1920 Disney formed his first animation company Laugh-O-Gram Studio in Kansas, with the intention of making animated fairy tales. Laugh-O-Gram found a financial backer in New York, and Disney began building up his staff of animators. However, the backing firm went broke, and Disney was no longer able to pay his employees or his debts. The company filed bankruptcy and lost Laugh-O-Gram Studios.
In 1923 Disney formed a new company with a loan from his parents and his brother. In 1928 he created Mickey Mouse, which took his career to new heights.
Even after Mickey Mouse, Walt Disney came to the brink of bankruptcy yet again. The second stumbling block for Walt Disney, in terms of money, came prior to the release of Snow White and the Seven Dwarfs. Disney ran into financial trouble midst the production of his first major film. In 1937, close to bankruptcy for a second time in his short career, Disney approached the bank for a loan to complete his film. This loan was agreed and Disney was able to fund his staff and studio through to full completion of one of the most notable film releases of all time.