UPDATE November 1, 2014: Swets Will Provide Information About Your Subscriptions
The info that Swets will provide to customers is found in this nine page document that was posted last Friday. We’ve also embedded a copy at the very bottom of this post.
The doc also contains information about how to request the information. ALL REQUESTS MUST BE RECEIVED BY FRIDAY, NOVEMBER 7, 2014.
—
On September 28, 2014 we began posting about the bankruptcy of Swets.
Now, five weeks later, the company says that all services will soon be terminated and asking for outstanding debts to be paid.
Late last week Swets posted a 1700 word announcement on their web site that provided details about insolvency proceedings in the Netherlands and several jurisdictions where the company operates as a foreign company and/or has branch offices.
Included in the post is the following section titled, “Material impact on day-to-day operations of customers: all activities terminated”. It includes the following paragraphs:
The bankruptcy of Swets Information Services B.V. may have (a material) impact on the day-to-day operations of all parties involved with Swets Information Services B.V. and its group companies. Swets Information Services B.V. is no longer able to meet its obligations towards its customers.
Since most group companies of the Swets group rely on the performance of (service) activities of Swets Information Services B.V. the customers of those group companies (may) experience a similar material impact of the bankruptcy of Swets Information Services B.V. as well.
[Our emphasis] As a result of the bankruptcy of Swets Information Services B.V. all activities will end in the near future. Customers should not expect any performance by Swets Information Services B.V. pursuant to the relevant agreements. The customers of Swets Information Services B.V. should consider alternative service providers to safeguard their own interests.
Since the trustee in bankruptcy of Swets Information Services B.V. cannot confirm that the obligations of Swets Information Services B.V. towards customers will be met pursuant to agreements entered into by Swets Information Services B.V. the other party (customers) to the agreement may decide to terminate the relevant agreement.
The post also includes sections on payments to Swets and claims against the company.
Re: Payments
Despite the bankruptcy of Swets Information Services B.V. outstanding debts of customers to Swets Information Services B.V. should be paid.
Re: Creditors
Some customers of the foreign group companies will have entered into agreements directly with Swets Information Services B.V. and others will have entered into agreements with the relevant foreign group companies. Parties who have entered into an agreement with Swets Information Services B.V. should file a claim directly with the trustee in bankruptcy of Swets Information Services B.V.As a result of the bankruptcy of Swets Information Services B.V. at this time no payments will be made to creditors of Swets Information Services B.V. anymore. Under Dutch insolvency law, all assets will have to be liquidated.
[Clip]
Some customers of the foreign group companies will have entered into agreements directly with Swets Information Services B.V. and others will have entered into agreements with the relevant foreign group companies. Parties who have entered into an agreement with Swets Information Services B.V. should file a claim directly with the trustee in bankruptcy of Swets Information Services B.V.
Read the Complete Post from Swets
See Also: Primary Documentation From Bankruptcy Curator
Obtaining Information About Your Swets Subscriptions (10/31/2014)
About Gary Price
