Restart of Future Crops under investigation, cause of bankruptcy remains guesswork

Almost a month after the bankruptcy, the exact cause of the bankruptcy of vertical farm Future Crops in Poeldijk remains a mystery. There are suspicions about high energy costs as the cause, also because numerous other vertical farms are struggling with this, but the bankruptcy report does not point this out. No further information about the cause for the bankruptcy came out in the days after the bankruptcy either. The trustee writes that the cause is "under investigation."

The possibility of a relaunch is also being investigated, the report further reveals. A bidding process has started. After the bankruptcy, cultivation did not continue temporarily. Future Crops rents premises at the ABC business park in Poeldijk.

Future Crops employed 21 people at the time of the bankruptcy. In consultation with the UWV, a staff meeting and a collective intake for the wage guarantee scheme took place.

Five unsecured creditors have come forward, amounting to over 67 thousand euros. The trustee writes that 'on balance,' there is no claim from banks. The business activities have been financed by various (external) financiers. There are substantial receivables in this respect. No security rights have been established.

View inside Future Crops via our sister site Vertical Farm Daily.

Since the bankruptcy was declared on 24 January, the trustee has mainly spent time trying to secure "an integral (asset) transaction." That is a form of acquisition in which all assets of the company are selectively and individually acquired and not - unlike in a share transaction - all at once.

The trustee was asked for an explanation.

The bankruptcy has been registered under reference: 09. dha.23.23.F.1300.1.23. Mr. J.J. Wittekamp from The Hague has been appointed trustee.

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