• Latest
  • Trending
Kwik’s parent company files for bankruptcy amid creditor clash

Kwik’s parent company files for bankruptcy amid creditor clash

May 24, 2025
Edtech startup The Invigilator raises $11 million to scale its AI platform

Edtech startup The Invigilator raises $11 million to scale its AI platform

September 6, 2025
iXAfrica receives RMB financing to fast-track 20 MW expansion in Nairobi

iXAfrica receives RMB financing to fast-track 20 MW expansion in Nairobi

September 6, 2025
OpenAI challenges LinkedIn with new AI-powered hiring platform

OpenAI challenges LinkedIn with new AI-powered hiring platform

September 6, 2025
Tanzanian fintech NALA takes its services to Kenya

Tanzanian fintech NALA takes its services to Kenya

September 6, 2025
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Tech News

Kwik’s parent company files for bankruptcy amid creditor clash

Modupeoluwa Olalere by Modupeoluwa Olalere
May 24, 2025
147 3
0
Kwik’s parent company files for bankruptcy amid creditor clash
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

A court in Amsterdam declared Africa Delivery Technologies Holding (ADTL), Kwik’s Dutch parent company, bankrupt on Friday after a disagreement with creditors. A former executive and other creditors fought for the payback of outstanding obligations, which led to this involuntary bankruptcy case.

The decision transfers responsibility for ADTL’s financial affairs to a court-appointed administration to guarantee that creditor claims are met.

Creditor dispute triggers bankruptcy declaration

The bankruptcy case began when Adam Grant, Kwik’s former head of sales, sued ADTL for wrongful termination and was awarded $75,000 in damages.

Kwik paid only the initial $25,000 installment, withholding the remainder due to concerns over Grant’s ability to meet French tax obligations related to the settlement.

RelatedPosts

Kwik Launches KwikStore, E-commerce Platform for African Businesses.

Kwik Nigeria Obtains $2 Million To Expand Its Delivery Service

When Grant refused to guarantee tax compliance, he initiated bankruptcy proceedings against ADTL, claiming the company was unwilling or unable to fulfill its debt obligations.

The Amsterdam court rejected Kwik’s tax-related defense and ruled in favor of Grant, allowing the bankruptcy to proceed. Grant’s claim was bolstered by other creditors, including Nigerian startup B54, which alleges Kwik defaulted on a $50,000 loan.

B54 has taken legal action in the Netherlands and Nigeria to recoup the amount. Due to the ongoing litigation, a B54 co-founder confirmed continuing proceedings but declined to speak further.

This creditor issue demonstrates Kwik’s difficulties in handling its global responsibilities amid tremendous development. While the bankruptcy declaration impacts ADTL’s corporate structure in the Netherlands, Kwik’s operations in Nigeria, where the company is still operating, are unaffected.

Kwik CEO affirms operational stability despite bankruptcy

Kwik CEO Romain Poirot-Lellig maintains that the bankruptcy filing does not reflect insolvency or operational failure.

He stated, “Whatever happened is not affecting the operations of the company. The staff are getting paid from the Nigerian company, and riders are getting paid. Everybody’s getting paid. Fulfilment and delivery services are continuing without disruption.”

Kwik has raised $6 million in funding to date, including $1 million in 2025, and currently holds $2 million in convertible notes loans that convert into equity over time. Poirot-Lellig emphasized that the bankruptcy relates solely to the Dutch holding company and not the Nigerian subsidiary, which serves over 300,000 merchants nationwide.

Poirot-Lellig said that the creditor is trying to coerce Kwik into paying the demand from B54 by using legal threats instead of legitimate court procedures. He further affirmed that talks to settle the unresolved issue amicably are still going on with Adam Grant’s legal team.

Unlike voluntary bankruptcy filings such as Gokada’s Chapter 11 protection earlier this year, Kwik’s case is involuntary, initiated by creditors seeking to recover debts. The court-appointed administrator will now oversee ADTL’s financial affairs, working to satisfy creditor claims while allowing Kwik’s core business to continue operating.

While Kwik’s ability to continue operations during the bankruptcy shows tenacity, it also illustrates the necessity for cautious management of creditor relationships going ahead, underscoring the complexity entrepreneurs face when managing cross-border legal and financial problems.

Tags: bankruptcyCreditorKwik
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.