A new update has emerged regarding the handling of Future Crops' bankruptcy. The cause of the bankruptcy is yet to be mentioned, but the curator gives an update on the finances and on an impending legal procedure due to a dispute with a trade creditor.
Various creditors made ownership claims, and one of those triggered a dispute that needs to be settled still. The curator writes about the intention to start a procedure.
In terms of figures, it is striking that in this latest report, the estate balance has risen to almost 300,000. Further on in the report it states that the landlord will pay an amount of 80,000 euros excluding VAT to the estate.
All equipment was auctioned online this spring. A draft settlement has been drawn up by the auction company.
The number of concurrent creditors has increased to 30. In previous reports, there were still 31. Most recently, at the beginning of September, they were 28. Together, the 30 concurrent creditors account for just over 992 thousand euros.
Cause
While the curator does not comment on the cause of the bankruptcy, this was mentioned in the message about the online auction. It stated that 'the sharply rising energy costs make it difficult for vertical farms to compete with regular cultivation companies in the European Union and the United States.' The same message also states: 'It is unknown whether the high energy costs or the level of investment are the cause of Future Crops' bankruptcy.'