Herk-de-Stad-based Limburgse Tuinbouw Veiling (LTV) was officially declared bankrupt by the Hasselt court last week. The cooperative, with around 50 active members, had reportedly been facing financial difficulties for some time, recording a loss of €3.8 million on a sharply reduced turnover in 2023. It is now clear that the last fruit auction in Limburg is coming to an end. "The curtain has come down on LTV, the last independent fruit auction in Limburg. We were not able to turn the tide," said CEO Maarten Lauwens, who had been in post since last year.
Operations had already been winding down since last year, with growers and staff often going unpaid for months, writes VILT. Several growers claim they are still owed millions and have taken legal action. The liquidator must now assess whether any debts can be recovered through the sale of assets. According to VILT, creditor growers Gert Buntinx and Bob Goffin have little hope. "How deep will the curator dig? That will be decisive," they remarked. Complaints for mismanagement and possible fraud are also pending.
There has been no official response from LTV regarding the bankruptcy. VILT reports that LTV Board Chairman Dirk Jans, shortly after filing for bankruptcy, simply stated, "To preserve the serenity of the situation, we do not wish to comment on this." CEO Maarten Lauwens, however, did comment: "It was a very intense period, which took a lot out of me. But what I remember most are the close contacts I made. A big thank you to Wilfried Jeurissen, who was a great support over the past few months, and to Guy Claessens for being a sounding board."
It is not yet clear what exactly led to the bankruptcy, according to VRT. Herk-de-Stad mayor Bert Moyaers (Vooruit) stated that things had not been going well with the auction for some time. "There had been rumours for a while that LTV was facing financial problems. Still, this is a regrettable situation. A major name in Limburg is disappearing, and that's truly unfortunate."
According to LTV's lawyer, Gertjan Cupers, part of the responsibility may lie with the previous management, writes Made In. The trustee is currently investigating this. The problems began when payments to growers were not made, leading to a loss of trust, reduced fruit deliveries, and declining sales. Attempts to save the auction through property sales, such as a sale-and-lease-back arrangement, came too late.