The Levarht trustees' intention remains to pay out estate creditors before the end of 2023. That is according to a new update regarding the bankruptcy of this large Dutch fruit and vegetable trader. They are still awaiting millions for the Middle East, while Levarht's shares in a Dutch greenhouse vegetable farm have been sold.
Wages
Since the last report in August, the employees' (estate) claims have been reviewed and reconciled. To pay these, the gross wage claims must first be converted to net wage claims. That is a tax issue. The lack of a digital payroll is complicating things. Employee data had to be re-entered into a payroll accounting package. Unpaid salaries should, however, be paid by the end of 2023 at the latest.
The estate balance has climbed to more than €14.5 million. Some money was raised after selling a 33% equity stake in a Dutch cultivation company. Another stakeholder bought those shares for a symbolic €1 each. Also, arrangements have been made for an outstanding loan for which €252.000 was repaid in return for final discharge.
Millions from the Middle East
Debt collection has continued in recent months, and approximately €400.000 has been received. Around €9.6 million is still outstanding, especially from the Middle East.
The trustees write that they made a payment arrangement with a debtor with whom Levarht has an "extensive claim." It is so far being fully complied with. They have also "made an outline arrangement" with another debtor. In the coming reporting period, this settlement should, in principle, be further developed.
Legality survey
The trustees are still looking into what caused the bankruptcy. For this, they requested the help of Levarht's roughly 260 former employees, who were asked to complete a digital questionnaire. This survey aims to provide a better picture of the situation before the bankruptcy.
A quick scan was also done, and its analysis has been received. The trustees still need to make statements about outcomes but undertake to do so once the full cause-and-effect investigation is over.
Creditors
The number of unsecured creditors has fallen slightly to 426. Many of the submitted claims were assessed in the past reporting period. To this end, correspondence was entered into with several creditors. Where necessary, additional information/documents were requested. That led to, among other things, several claims that were submitted twice being removed from the list.
The 426 unsecured creditors (in August, there were 429) are still owed €31.5 million. That is more than €800.000 less than was stated in the last report. The trustees dispute two of the submitted claims but do not mention why in their report.
Preparations are currently being made for a creditors meeting. Given the number of claims, the trustees expect that to take another three to five months. They want to hold this meeting sometime between April and June 2024.
Mr M.R. van Zanten and M.N. de Groot from Amsterdam have been appointed trustees. The bankruptcy, announced on February 28, 2022, is registered under reference: 13.ams.22.43.F.1306.1.22.