Saturday, April 13, 2024

Danish car company goes bankrupt with double-digit million debt

Another Danish car company has to turn things around. This time, it is not only Skat that believes it has millions to its credit.

Another bankruptcy has hit the Danish car industry. Specifically, the part of the industry that makes a living from leasing more expensive cars.

This time it is Caradvisor ApS, based in south-west Aalborg, that has to succumb to the creditors.

This is written by Nordjyske .

READ ALSO: Mercedes withdraws and loses control of car brand

According to the newspaper, it is both Skat and Sparekassen Danmark that have money in the company. The bank alone has lent the leasing company around DKK 9.5 million.

But the tax authorities believe they have around DKK 3 million to their credit. Now the trustee of the bankruptcy estate, lawyer Soren Ehlert, must look at which of the company's values can be converted into money.

The values are primarily the cars that the company's customers drive around in. The bankruptcy estate must now have those cars back in order to sell them at 'the highest possible price', says the lawyer.

Since it was founded in 2019, the car company has only briefly made a loss. In total, around DKK 1.4 million has been lost on operations.

The bankruptcy in Aalborg is just the latest in a series of bankruptcies among Danish car companies. A common feature of the companies seems to be a huge debt to Tax.

It is, however, small change compared to the losses that the annual accounts of the very big players in the car industry reveal these days.

At the gearbox manufacturer ZF, for example, the managing director says that no employees – or any departments – are protected when the company now and over the next six years has to chase savings for several billion Danish kroner. Read more about it here .

Read more news from and about the automotive industry right here.

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