Bankruptcy Intertoys: 6 questions for suppliers
Last week it was announced that Intertoys had requested a moratorium (suspension of payment). The court in Amsterdam has now declared the toy chain bankrupt. At the request of the trustees, the stores will remain open for the time being. Intertoys has 400 branches and more than 3000 employees. Redundancy has been requested for these employees.
Are you a supplier of Intertoys? Then the bankruptcy of Intertoys may also have consequences for your organisation. Curious about your rights and obligations? Our insolvency lawyers are happy to give you tips to ensure that the damage to your organisation remains limited.
1. Can I still get my stuff back?
Did you deliver goods to Intertoys that have not yet been paid? Then, in some cases, you may be able to retrieve these goods, especially if you have a retention of title in place. You can also claim the right to claim under certain circumstances. Keep in mind, however, that when there is a cooling-off period, it is (temporarily) not possible to collect your goods from Intertoys.
However, it often happens that a company invokes the retention of title, but the bankruptcy trustee states that no valid retention of title has been established. If this happens, you then cannot retrieve your belongings. If this is you, please contact our insolvency lawyers. Because of their legal knowledge and practical experience as liquidators, they know exactly what options there are in your situation. It often happens that goods can still be recovered.
2. What do I have to do if I still have an open invoice with Intertoys?
Inform the trustee as soon as possible. The trustee only approaches creditors known to him. In some bankruptcies, the administration appears to be out of order, meaning not all creditors are in the picture with the bankruptcy trustee. Therefore, do not wait until the liquidator contacts you, but contact them yourself. Always make sure that you send evidence, such as invoices or your contract with Intertoys. The trustee then places the receivables on a creditor list. The bankruptcy trustee then tries to reimburse as many creditors as possible with the sale of the bankrupt estate. In the settlement of the bankruptcy you will hear how much you will receive.
3. Can I still expect my money back?
If you still have outstanding invoices with Intertoys, you must report this to the liquidator. In the settlement of the bankruptcy you will hear how much you will receive. Please note that creditors are paid in a specific order. Creditors with a right of priority are paid earlier than others. This may prevent you from receiving little to nothing.
4. Who is the liquidator and how can I contact them?
With each bankruptcy, the court appoints one or more bankruptcy trustees who have to settle the bankruptcy. In most cases the liquidator is a lawyer specialising in bankruptcy law. The central insolvency register states who is the bankruptcy trustee and how you can contact them.
5. Do I have to deliver to Intertoys as a supplier?
In principle, your contracts will continue as normal, even now that Intertoys has been declared bankrupt. You are still obliged to comply with the agreements from the contract. For example, an energy supplier will still have to provide energy to the stores and offices of Intertoys. Have you made other agreements about this in your general terms and conditions? If so, you may not be able to fulfill the agreements temporarily. In that case always contact the liquidator. The trustee must, if you give a reasonable term, within this term let you know whether the agreement is to be continued. If the bankruptcy trustee decides it doesn’t, you are no longer obliged to deliver. If the liquidator indicates that the contract should continue, they must provide certainty that you will be paid for this.
Benefits with continuation of contract
Immediately terminating a contract is not always the best option for your organisation. Whether you can best continue or terminate the contract is different for each situation and depends on the type of contract you have with Intertoys. This makes the difference whether you are a supplier, lessor or principal. In addition, commercial interests may be taken into account in order to continue or not to continue a contract. Always ask advice from a specialised lawyer for your specific situation.
6. How long does a bankruptcy take?
That differs per bankruptcy. On average, the settlement of a bankruptcy takes 6 to 36 months. But it can also take years before a bankruptcy is settled.
Advice from a specialist
Do you have a business relationship with Intertoys and would you like more advice about your options? Contact us today. Our insolvency lawyers are happy to help you further and ensure that the damage for your organisation remains limited.