Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Commercial Court of Montpellier has decided to liquidate the company Vortex, specialised in the transport of people with disabilities, which employed up to 2,500 people on a part-time basis. These were mainly pensioners who supplemented their pensions with a part-time employment contract, allowing them to earn between €200 and €500 per month. Confronted with numerous disputes before the labour courts and breaches of contract on the part of clients such as local governments (départements), Vortex saw its financial situation deteriorate. Placed in receivership last February, the company has been hit hard by the period of containment imposed by theCOVID-19 pandemic: the closure of the schools stopped the transport service for students with disabilities which constituted a big share of the company's services.
Eurofound (2020), Vortex, Bankruptcy in France, factsheet number 100730, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100730.
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