United States regulators are investigating at least four controversial military equipment deliveries bankrupt Dutch firm Imtech made to Iraq
The construction of the Noord/Zuid line of the Amsterdam subway system will conclude in October 2017 despite the bankruptcies of key technology contractor Imtech and metal construction firm Oskomera, according to city alderman Pieter Litjens. The oft-delayed subway line is not expected to have any further setbacks after an analysis of the remaining risks to the project, Litjens told the Parool.
The administrators working on the bankruptcy of Royal Imtech has stumbled across an art collection in the estate with an insurance value of 1.7 million euros. The works will be valued and sold.
The bankruptcy administrators working on Imtech's bankruptcy managed to save most of the jobs by selling parts of the business. "I estimate that ultimately one thousand of the 17,000 à 18,000 jobs will be lost", bankruptcy administrator Jeroen Princen said to the Financieele Dagblad.
Yet another Imtech subsidiary - Imtech Industrial Services - has been declared bankrupt. Parts of the company were sold and the buying parties will offer some of the employees a job, but between 200 and 300 of the 900 jobs will be lost, bankruptcy administrator Jeroen Princen
Imtech's bankruptcy is having its first effects on the Amsterdam Noord-Zuid subway line. All Imtech employees involved with the line stopped working on Wednesday afternoon after the bankruptcy administrators instructed them to do so.
At least 1,300 Imtech employees in the Netherlands will soon be unemployed due to the company's bankruptcy. The bankruptcy curators have been unsuccessful in finding someone who wants to take over the Dutch division.
The sale of three Imtech divisions has secured 143 million euros for the payment of trade creditors. These realized transactions have also save approximately 9,300 jobs, including about 2,300 in the Netherlands.
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.
Imtech's bankruptcy is a blow to the whole industry, according to Uneto, the umbrella organization for installation companies in the Netherlands. The organization is especially concerned fro the numerous freelancers and sub-contractors who got lots of work from Imtech.
Consultancy and service firm Royal Imtech N.V. formally entered bankruptcy protection on Thursday. The fate of part of the Gouda-based company's workforce, including 22,000 global employees, of which 2,700 are in the Netherlands, is not yet known.
The Amsterdam North-South subway line will not collapse if Imtech does not survive its financial troubles. Visser & Smit Bouw, a subsidiary of construction company VolkerWessels, will take over if Imtech goes bankrupt, a spokesperson for VolkerWessels confirmed
Imtech's financial troubles will have direct consequences for Amsterdam's North/South subway line, spokesperson for the project Raymond Schra said
Former Imtech CEO Rene van der Bruggen allegedly supplied the German branch of the company with false invoices amounting to tens of millions of Euros, according to investigations by De Telegraaf and German Handelsblatt. The money was then used to cover up financial losses made in the Netherlands, according to broadcaster BNR.
Despite heavy criticism of accountants, they refuse to cut their fee. Offices and firms have to pay heavy fees to work with high quality accountants.