The District Court of Noord-Holland grants suspension of payment to the Dutch branch of De Keizer International
Family owned business specialized in system integration for superyachts forced to enter suspension of payment
Zaandam, 13 October 2020 – The District Court of Noord-Holland granted suspension of payment to the Dutch companies of De Keizer International: De Keizer International B.V. and De Keizer Marine Engineering B.V.. De Keizer International is a global supplier of system integration for yachts with offices in The Netherlands, France, Spain and The United States. The company, founded in 1965, found herself obliged to request for suspension of payment since she expected that financial obligations could not be met within the short-term.
About De Keizer International
Through its highly specialized knowledge in electrotechnical and IT-services on yachts, ranging from lightning to generators, De Keizer International developed a unique position on the market of yacht construction. De Keizer International served her clients in (mainly) the Netherlands and the rest of the world from its headquarters in Zaandam (the Netherlands) and its twelve other branches in the Netherlands, France, Spain and the United States.
Sjoerd de Keizer and Niels de Keizer acquired the company 14 years ago from their father, whom acquired it from his father before that. The brothers De Keizer were (respectively) 24 and 22 years old when they acquired the company. In the years after that the company experienced substantial growth: from ± 100 employees in 2008 to ± 450 employees as of now.
Grounds for suspension of payment
The current liquidity problems are a result of multiple factors. First of all: the (exponential) growth ambitions of the Keizer International. As a result of this the company has indeed grown substantially, however, in connection to this, the companied has become subject to inefficiencies in its processes and agreements with clients. By nature, orders in the yachting-industries are placed (on average) four years in advance. Therefore, the company realized these inefficiencies too late.
Furthermore, during time De Keizer International experienced a changing demand by its customers which contributed to the current situation. In addition to that the current crisis as a result of the Covid-19 virus had immediate consequences for its branches in Spain, France and the United States, where their respective activities were slowed down substantially.
Sjoerd de Keizer (CEO De Keizer International):
“We have excelled in our ventures and we are proud of that. We are a true family owned business, and one of the reasons we have been able to grow substantially is that we have taken care of our employees and they have taken care of us in return. The current reality is hard to stomach and a hard blow to us all. We have put everything to work to meet the expectations of our customers, but we have at arrived at a point where this is not sustainable anymore.”
Inquiry into continuation
The managing board and the administrators, Mr. R. Mulder LLM (Pot Jonker Advocaten) and Mr. A Claus LLM (Haut Legal & Tax), are in deliberation with interested parties with respect to the possible continuation of the activities of De Keizer International.