On Friday, 20 June, Liquidseal Holding filed for bankruptcy with the District Court in The Hague, the Netherlands. The Leiden-based company, which produces coatings to extend the shelf life of flowers, vegetables, and fruit, stated in a letter to bondholders that sluggish market conditions and declining turnover had led to the point where salaries for June could no longer be paid from current cash flow.
A reorganisation already took place in 2023. At that time, Managing Director Victor Monster expressed confidence in the long term. “But unfortunately, the market has not embraced our innovations as we had hoped. Everyone talks about sustainability, but when it really matters, people still don’t commit. In the flower sector, our coatings have been well received, but the fruit sector in particular has lagged behind. Making real progress with innovative and sustainable solutions in the fruit and vegetable sector has proven insufficient. That’s unfortunate, given all the time we’ve invested in this, although we also look back on it with satisfaction,” the general manager explained.
“At the end of this month, the rent for the coming quarter is also due, and there are currently no outstanding debtors or expected payments in the short term from Liquidseal Flowers, Fruits, or Products (one of the operating companies). Beyond this immediate situation, the patents also need to be maintained, and those costs can no longer be covered at present. This does not mean the patents are no longer valid, but they can only be reactivated with a penalty,” the managing director stated.
Seven people were still employed at Liquidseal. The main reason for filing for bankruptcy is the inability to continue paying employee salaries. Management did not want to wait until the last moment and risk staff missing out on their wages. Whether a relaunch is still possible should become clear in the near future, according to Victor. “It all comes down to the time you’re given for these innovations to be adopted. Because legislation can be strict, but there also needs to be enforcement.”
