NuKorc, the world's second biggest synthetic cork maker, has filed for bankruptcy with estimated debts of AUS$4m. Adelaide-based insolvency experts PPB have been appointed as administrators of the company, based in Pooraka, South Australia, and are attempting to sell the business as a going concern. Founded in 1996, NuKorc enjoyed more than a decade of growth before being hit by the economic downturn, the global decline in wine sales and the strength of the Australian dollar.