Imtech bankruptcy to squeeze 500 Netherlands businesses

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About 500 companies in the installation sector will be affected by Imtech being declared bankrupt. These companies account for 4 percent of all the companies operating in this sector.

This is according to a survey done by research company USP Marketing Consultancy, NU reports.

These 500 companies worked as a subcontractor for Imtech. One in six of these subcontractors are concerned about the survival of their companies. Three quarters of the companies are not insured against the bankruptcy of their client.

A quarter of these companies are dependent on Imtech for a large part of their turnover. Two thirds of them indicated to USP that they still have outstanding invoices at Imtech. Last week Uneto, the umbrella organization for installation companies in the Netherlands, expressed its concern about whether or not their members will be paid for the work they had done for Imtech.