Verwey-Jonker Institute seeks suspension of payments
The Dutch Verwey-Jonker Institute has sought a suspension of payments, saying it can no longer meet its financial obligations. It points to budget cuts, pressure on fees and the growing use of artificial intelligence by clients.
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The Verwey-Jonker Institute has asked a court in Utrecht for a suspension of payments, saying it can no longer meet its financial obligations. The Dutch research institute attributes its cash-flow problems mainly to cuts in research budgets and continued pressure on fees paid by government bodies.
The institute also said that growing use of artificial intelligence by its clients was contributing to the financial strain. It said it had tried to improve its finances through measures including moving to cheaper premises, cutting costs and reducing the size of its board, but these steps had not produced enough results in time.
A suspension of payments is often a precursor to bankruptcy, though the institute’s application does not itself mean that it has been declared bankrupt.
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