On Friday the 17th of April, breeding company Green4health, in which various Dutch tomato growers have a participation, was declared in a state of moratorium. Green4Health is a start-up company focusing on the development of tomatoes where taste, good bite, luxurious appearance and quality are paramount.The company is heavily indebted and was forced to apply for suspension of payment. The insolvency number is S.18 / 20/7.
Wim Entzinger of PlasBossinade has been appointed as receiver. His colleague, tax lawyer Paulien Waninge, already spoke extensively with the manager of the breeding company.
"That showed that there are considerable debts. Both Greenco, one of the parties with a participation in the company, as well as other shareholders have invested a lot of money in the company, but this has not yielded the desired result so far."
High costs, limited turnover
There has been generated 'some turnover', but that turnover is 'quite limited', says Waninge. "The debts are now high with interest and repayment on the development of plant breeders' rights. These charges can no longer be paid by the company, although the corona crisis clearly does not play a role in this."
Waninge's estimate is that sufficient turnover can be achieved in the long term with, among other things, plant breeders' rights and patents, but that is according to the tax lawyer 'in the future'. "The future does not help us today."
Investigation of possible agreement with creditors
A moratorium is a preliminary stage of bankruptcy, although at this stage there is still a possibility to reach an agreement with the creditors. "I'm going to investigate that, but given the complexity of the situation, I do wonder whether it's feasible."
Also for Gh Vastgoed B.V. a moratorium has been applied for and obtained. In that company are the greenhouse and the warehouse that Green4health uses.
Greenco's response
Greenco, which has a participating interest in the breeding company as was recently confirmed by CEO Robert Ketelarij, has been asked for a reaction.
“Greenco has with annoyance taken note of the state of suspension of payment of Green4Health. As an important shareholder, we previously though in vain have insisted on the most complete possible transparent insight into business operations. We have critical questions that we would like to have answered quickly.
We will therefore closely monitor the next steps in this process and intervene where necessary. Let me be clear that this does not affect Greenco in any way financially, but that does not lessen my displeasure with the course of action.”
