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Norwegian IT companies persist in Going bankrupt due to non-payment of invoices by customers, digi.no report.
Founded in 2014, the company ran into financial problems in 2022 when its largest customer did not pay its bill. The startup owed Adera NOK 5 million. The corporate customer was not named in the digi.no story.
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“It was a difficult situation. We invested everything in this client and we failed because of them,” said Adera CEO Frank Johnson Tell digi.no.
A few years ago, Adera was doing well: turnover was NOK 17 million and operating result was NOK 5 million in 2022. However, financial problems accumulated when customers did not pay their bills.
The company laid off its entire 15-member staff in the spring due to financial problems. In recent months, Adera has accumulated nine payment defaults, including late payments for insurance and electricity bills.
Adera also owes DNB Bank more than NOK 5 million. The bank has a lien on the company’s fixed assets, warehouses and movable property. The company has had to apply for more loans to pay the unpaid invoices.
Johnson considers the company’s fate unfortunate.
“Lately, in this situation, we’ve felt like hostages,” Johansen said.
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