This fall, Infarm's Dutch branch went belly up. At the time, this vertical farm company was already pulling out of several European countries due to financial difficulties in a challenging market. An initial bankruptcy report does not give any explicit details about why the branch became insolvent.
The trustee does, however, point out that the business had far more employees than Chamber of Commerce records show. They say 43 people work at the company. In 2022, that was as high as 45. The trustee writes that most of their job contracts were terminated per German rules.
Losses
The report shows that, in 2022, losses topped €106,000, with €374,000 on the books. After an initial look at those figures, the trustee doubts their accuracy. Those numbers will be researched.
The trustee reports that, under the heading 'estate contributions,' "a potential investor in another part of the group paid €30,000 to settle the bankruptcy." Infarm operates (operated) in several countries. Back in July, it moved its headquarters from Berlin to London. The latest news is that Infarm is trying to avoid a British bankruptcy.
In the Netherlands, that failed. The Dutch branch's first bankruptcy report lists 22 unsecured creditors who are owed €839,000.
After a payment moratorium, the Court in Amsterdam declared Infarm - Indoor Urban Farming B.V. - bankrupt on September 18, 2023. The company was based in Amstelveen. The bankruptcy is registered under reference: 13.ams.23.272.F.1306.1.23. R. Suurmond of Amsterdam is the appointed trustee.