After previously declaring bankruptcy of 21 subsidiaries of FNG Holding, company court in Mechelen also declared bankruptcy for the parent company and two subsidiaries on Wednesday. De Tejd reported this and the press judge of the company’s court confirmed it.
Last Friday, the three companies FNG nv, FNG Finance Belgium bv and FNG Beheer NL filed for bankruptcy themselves in the corporate court in Antwerp, division of Mechelen. The judge declared the three companies bankrupt on Wednesday and appointed the same bankruptcy trustees as in the bankruptcy of other companies of the same group: Geert van Dyck, Mark Juris and Nick Peters. Supervising Judges Eddie Brewers and Frederick Mortelmans will oversee the trustees.
The restart, which the company was working on after the bankruptcy of 21 companies of the FNG group in August 2020, is no longer possible, according to the management, because the proceeds from the sale or public offering of the only business, the Swedish online store Ellos, is no longer available. It will be enough to pay off the creditors and enable the restart. Then the company decided to file for bankruptcy on its own.
A fraud investigation is underway against FNG and its former senior management.