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first few candidates dropping out

Good hope for sale of Codema irrigation business

Last Wednesday, the 1st of June, it was announced that the cultivation and software activities of bankrupt Codema had been taken over by Kubo. This raised the question of the status of the sale of the other parts. The trustee now announces that they are still looking for a suitable candidate for the irrigation activities.

"That is not easy because you have to have a lot of nerve to take over a piece of business in bankruptcy. A few candidates were willing, but in the end, weren't brave enough to take it on."

Trustee Carl Hamm of Borsboom & Hamm Advocaten in Rotterdam is confident that finding a buyer for these activities will still happen. "Irrigation is also a good business with good staff and nice customers."

Large part of the business already accommodated
The turnover of the Cultivation Systems and Software & Web Solutions divisions at Codema amounted to 46% of the total turnover, or 17.5 million euros, the trustee shares. "Kubo has been reliable and professional in the negotiations, offering a fair price, and we are happy to place such a large part of the business with it." The trustee will report more on Kubo's acquisition in a yet-to-be-published first public bankruptcy report.

Kubo itself, represented by owner Wouter Kuiper, announced on Wednesday that it will "spend the coming weeks looking at what is needed to make these companies healthy again in order to ensure that customers are happy to buy and that our people are happy to work there." Kubo will, as he says, "take over many of the associated staff and stock and will temporarily remain on site."

After the sale of the business units, the administrative investigation and settlement phase will begin. This is expected to take quite some time.

Mr. C.F.W.A. Hamm of Borsboom & Hamm Advocaten in Rotterdam has been appointed trustee. The bankruptcy of Codema Systems Group B.V. has been registered under number 10.rot.22.91.F.1300.1.22. Bankruptcy has also been declared in respect of Codema EMEA B.V. and Codema Nederland B.V..

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