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Rapid growth internationally disappointing

'Seriously weakened' Codema forgot home markets

Prior to the bankruptcy, Codema was 'seriously weakened' by 'poor management.' This is the conclusion drawn by the trustee after completing its investigation into the causes of the bankruptcy. In a new report.

Because of the problems that had arisen, work was necessarily taken on under cost price, resulting in high failure costs and mounting losses. To straighten things out, a new management, with a new capital investment, chose to pursue an internationalization course. The aim was to catch up with rapid growth.

At the expense of home markets
That growth was less stable than expected, and the new course turned out wrong. The new course was to the detriment of home markets, and the trustee also states that it would have been better to give priority to putting the internal organization in order.

A new management board, appointed in April 2021, could no longer solve high-level problems within the time and resources available. Rising gas and material prices and geopolitical developments then did not help either. And then came Covid.

23 million
In early May 2022, Codema went bankrupt. There was no 'improper management' by directors, the trustee concluded from the above.

Codema's bankruptcy will be wound up as if only one company were bankrupt. The trustee has obtained permission to do so. Meanwhile, 374 unsecured creditors have come forward. Together, they are asking for almost €23 million.

The tax authorities have submitted a preferential claim of 11.5 million euro to the trustee and the UWV over 6 tonnes. In addition, ABN Amro, as a pledgee, claims pledges on Codema's stock and on receivables from debtors. The trustee is still discussing this with the bank.

Mr. C.F.W.A. Hamm of Borsboom & Hamm Advocaten in Rotterdam has been appointed trustee. The bankruptcy of Codema Systems Group B.V. is registered under number: 10.rot.22.91.F.1300.1.22. Codema EMEA B.V. and Codema Nederland B.V. were also declared bankrupt on 3 May 2022.