Van Der Moolen Files Bankruptcy, To Be Liquidated

NEW YORK (AP) — The administrators of Dutch trading firm Van der Moolen Holding NV asked the Court of Amsterdam to convert the provisional protection from creditors it sought in August into bankruptcy.

The administrators said the bankruptcy became necessary because ongoing expenses, including the salaries of the employees, could no longer be paid during September.

It also became clear in recent weeks that there were no possibilities to sell the company or continue to operate it as a small firm. The company will be liquidated, the administrators said.

The request is expected to be granted in the morning of Sept. 10, the administrators said.

Van der Moolen, once one of the larger "specialists" on the NYSE, ran into trouble in recent years as electronic trading platforms took over their role.

The administrators said ultimately the purchase of treasury shares and the delay in the collection of tax claims of VDM led to the erosion of the company's liquidity position.