Faillissement van Holland Norway Lines B.V.

Samenvatting van het faillissement

Based on the text provided, here is a summary of the primary causes of the company's bankruptcy, as identified by the trustee: ### 1. Severe Undercapitalization The company was undercapitalized from its inception. While it received approximately €27 million in loans and capital contributions, its total expenditures (including €15 million in investments) exceeded its income by over €50 million, leaving a **€23 million deficit** financed by creditors. * **Lack of Working Capital:** By April 2022, the company had only €877,318 left—not even enough to cover a single refueling. * **Debt Trap:** Because there was no working capital, the company had to seek constant new financing, which was then used to pay off existing debts rather than making necessary investments. This left the company "always one step behind." * **Restart Perspective:** Potential restart candidates noted that while the route could be profitable, the company fundamentally underestimated the required starting capital (estimating at least €20 million would be needed, provided they didn't have to build their own infrastructure). ### 2. Lack of Sustainable Mooring Facilities The company attempted to launch a ferry service without a permanent place to dock, which created a chain reaction of operational failures. * **Infrastructure Burden:** Instead of leasing facilities, the company tried to build its own quay and terminal. This required massive capital (€15M–€30M) that the company could not afford because its operational cash flow was negative. * **Operational Instability:** The company relied on a "heavy cargo quay" that was only available when third parties weren't using it. This led to frequent docking denials, cancelled departures, and forced relocations to Cuxhaven and Emden, which caused passenger dissatisfaction. * **Strategic Error:** The trustee suggests the company should have focused on the ferry service itself and leased facilities from a port authority, which could have saved approximately €7 million in investment costs. ### 3. Unsuitable Vessel (MS Romantika) The chartered ship was not optimized for the specific needs of the Netherlands-Norway route: * **Capacity Mismatch:** The ship had too many cabins, leading to frequent operation below maximum capacity. * **The "High Season" Paradox:** During peak season, the car deck was filled entirely with private passenger vehicles. This left no room for freight trucks. Because transport companies could not rely on the line for year-round service, they lost interest, leading to critically low revenue during the off-season. ### Final Conclusion The trustee concludes that the ferry service was **not viable in its original setup**. The combination of massive startup costs, the burden of trying to build infrastructure, and an unsuitable vessel created a cycle of losses that shareholders and third parties were ultimately unwilling to continue financing.

Curator en kantoor

• mr J.C.M. Silvius |