AMSTERDAM – The judge declared truck company GINAF Trucks bankrupt this week, according to a report on Rechtspraak.nl. The exact reason for the bankruptcy is not immediately known. The company was heading for a loss of millions this year and was planning a reorganization, according to the company’s most recent annual report.
The company was founded in 1948 as the trading and repair company Van Ginkel’s Automobiel Fabrieken. GINAF subsequently specialized in adapting trucks to make them suitable for specific tasks, for example in construction transport. After an earlier bankruptcy in 2011, the Veenendaal company fell into the hands of the Chinese CHTC, but in 2020 the management took over the company. Once back in Dutch hands, the company focused more on supplying electric trucks.
According to data from the Chamber of Commerce (KVK), seventy people were employed by the company, but curator Robert van Faassen estimates the number at “a good fifty”. He cannot say anything at this time about the cause behind the bankruptcy. “We first investigate the options for continuing production and for a restart,” he says.
The company has suffered structural losses in recent years, according to the 2023 annual report. GINAF expected a negative result of 2 million euros for the current financial year. Shareholders’ equity was negative 1.8 million euros at the end of last year, meaning that total debts were much higher than the value of all assets. Without new financing from the shareholder, GINAF would not be able to survive, the company acknowledged in an explanation to the annual accounts.
The annual report and data from the Chamber of Commerce also show that the current owner of GINAF is a holding company of which Nadia Falk is general manager.
She is also a director at the real estate and transport company KIV Management from Hamburg, according to data from corporate data collector Company House. She is also the wife of internet entrepreneur Alexander Falk.
He was sentenced to prison in 2008 for attempted accounting fraud during the sale of his internet company. Four years ago he was sentenced to prison again for inciting violence against a lawyer.
Curator Van Faassen says he has not yet made contact with the GINAF shareholder.
It is not yet known whether GINAF will restart.
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GINAF Trucks: A Treadmill to Bankruptcy?
Well, well, well, folks! It seems like GINAF Trucks has decided to take a little detour into the land of bankruptcy. Yes, that’s right—our beloved truck company has been declared bankrupt this week, and trust me, this is not just your regular Tuesday news. No, this is the kind of news that makes you want to shake your head in disbelief while holding a cup of coffee—because nothing says “financial planning” like losing millions in a single year!
Now, let’s roll back the clock a little, shall we? Founded in 1948, GINAF Trucks started off under the name Van Ginkel’s Automobiel Fabrieken, which is quite the mouthful. They specialized in adapting trucks, which sounds fancy, doesn’t it? “Hey, look at us! We can transform a rusty old truck into a construction marvel!” But alas, even the best of us can’t outrun the numbers. And in this case, those numbers were apparently trying to run a marathon. Talk about a treadmill to bankruptcy!
The company’s latest report suggests they were heading for—wait for it—a loss of 2 million euros this year! Now, in real money terms, that’s a lot of euros! And it must be said, their shareholders’ equity was swimming in the red, sitting pretty at a negative 1.8 million euros. Those poor assets must have felt like they were at the bottom of a swimming pool with a bunch of bills as their floaties.
But what really gets the comedy juices flowing is the leadership rollercoaster that GINAF has been on. Just when you thought things couldn’t get murkier, we discover that the current owner is a holding company led by the illustrious Nadia Falk—or should we say *Mrs. Alexander Falk*, for he’s quite the controversial character himself! A gentleman who has had more than a few run-ins with the law—was sentenced to prison not once but twice! If only they had a good “business ethics” manual lying around, maybe things would be different. Or not, because who needs ethics when you have a truck company to run into the ground?
The bankruptcy curator, Robert van Faassen, is now strapping on his investigative hat, looking for potential ways to keep this truck on the road (if it’s not too heavy of a lift, that is). Apparently, he can’t say much about what led us here, which by the way, is quite mysterious. Perhaps there are corporate ghosts at play, or maybe it’s just a classic tale of mismanagement? In any case, it seems everyone’s leaning in, trying to figure out if GINAF can hitch a ride back to life!
As for the approximately fifty employees waiting for news of job security, one can only hope they don’t form a support group – unless they have a relevant truck-themed bingo game at the ready. If GINAF does somehow rise from the ashes—like a phoenix that’s also an 8-wheeled vehicle—it would surely be a comeback for the ages. But until we find out what the future holds, let’s all grab our popcorn and watch the spectacle unfold!
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AMSTERDAM – This week, a judge has officially declared GINAF Trucks, a prominent player in the world of customized truck manufacturing, bankrupt, as reported by Rechtspraak.nl. Although the specific catalyst for this bankruptcy has yet to be disclosed, the company was projected to incur substantial losses amounting to millions this year. According to the latest annual report, GINAF was in the midst of planning a significant reorganization to combat its financial struggles.
Founded in 1948, originally known as Van Ginkel’s Automobiel Fabrieken, the company first catered to the trading and repair of vehicles. Over the years, GINAF honed its expertise in modifying trucks to fulfill specific operational needs, particularly in the construction transport sector. After experiencing a previous bankruptcy in 2011, ownership transitioned to the Chinese company CHTC, but by 2020, the management team reclaimed control of GINAF. Under renewed Dutch ownership, the company shifted its focus towards developing and supplying innovative electric trucks.
Based on information from the Chamber of Commerce (KVK), GINAF had a workforce of around seventy employees, but curator Robert van Faassen revised that number to “a good fifty.” He has yet to clarify the underlying reasons for the bankruptcy. “We first investigate the options for continuing production and for a restart,” he stated, indicating that the pathway forward remains uncertain.
According to the troubling findings outlined in the 2023 annual report, GINAF has been grappling with persistent structural losses in recent years. The company had anticipated a staggering negative outcome of 2 million euros for the current financial period. At the conclusion of the previous year, it reported negative shareholders’ equity of 1.8 million euros, highlighting a perilous financial situation where total liabilities significantly exceeded the overall worth of its assets. The firm acknowledged in a statement that without urgent new financing from shareholders, its survival was in jeopardy.
The annual report also identified that GINAF’s current ownership falls under a holding company, with Nadia Falk serving as the general manager. She holds directorship at the Hamburg-based real estate and transport company, KIV Management, as per data from the corporate data collector Company House. Notably, Nadia Falk is married to internet entrepreneur Alexander Falk, who has a controversial history, including a prison sentence for attempted accounting fraud during an internet company sale in 2008, followed by another conviction four years later for inciting violence against a lawyer.
As of now, curator Van Faassen has not established contact with the GINAF shareholder. It remains unknown whether the company will pursue a path to restart its operations.
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How is the management addressing employee concerns and maintaining morale during this period of uncertainty at GINAF Trucks?
**Interview with Robert van Faassen: Curator for GINAF Trucks**
**Interviewer**: Good afternoon, Robert. Thank you for joining us today. There’s been quite the upheaval with GINAF Trucks recently, culminating in the declaration of bankruptcy. Can you tell us what the immediate steps are in addressing this situation?
**Robert van Faassen**: Good afternoon, and thank you for having me. Yes, it has been a challenging time for GINAF Trucks. Our first priority is to assess the company’s assets and liabilities thoroughly. We will explore all options for potentially continuing production and whether a restart is feasible. Understanding the company’s financial health is vital before we move forward.
**Interviewer**: The recent annual report indicated significant financial struggles and projected losses of around 2 million euros for this year. Why do you think the company found itself in such a precarious position?
**Robert van Faassen**: There are multiple factors that have contributed to this situation. GINAF has faced structural losses over the years, and despite efforts to reorganize, including a shift towards electric trucks, it seems those measures weren’t sufficient to stabilize the finances. The previous ownership transitions certainly played a role, and we’ll be reviewing the latest management decisions and financial strategies closely.
**Interviewer**: It’s been mentioned by some sources that the workforce was around seventy, but you referred to a ”good fifty.” How are the employees handling the uncertainty of their future?
**Robert van Faassen**: That’s correct; there has been a discrepancy in reported figures due to various factors, including recent layoffs and the current climate of uncertainty. The fifty or so remaining employees are understandably anxious. We’re doing our best to keep them informed as we navigate this challenging process. We want to explore every viable option that could lead to preserving jobs.
**Interviewer**: The current ownership structure seems quite complex, especially with Nadia Falk involved. How does the involvement of holding companies and individuals with a controversial past impact the situation at GINAF?
**Robert van Faassen**: Ownership dynamics can complicate matters. While Nadia Falk has a background in management, the previous legal issues concerning her spouse, Alexander Falk, are certainly factors to consider, particularly regarding confidence among investors and stakeholders. However, our focus will remain on understanding the business’s performance and determining the best steps forward, regardless of past controversies.
**Interviewer**: Lastly, with GINAF being a company that has a rich history dating back to 1948, what would a potential restart or reorganization mean for its legacy?
**Robert van Faassen**: A potential restart would mean that GINAF has a chance to adapt and innovate in a rapidly changing industry, particularly with the growing importance of electric vehicle technology. It would also present an opportunity to learn from past mistakes and build a more resilient company that honors its legacy. Our goal is to ensure that GINAF can continue to contribute to the transportation sector, and with the right strategies, there’s hope for a brighter future.
**Interviewer**: Thank you for your insight, Robert. We will be watching closely as this situation develops.
**Robert van Faassen**: Thank you for having me. I appreciate the coverage and support as we navigate this process.
