Pre-empting Banks and other financiers from foreclosing on its properties, Holland Car filed for bankruptcy proceedings at court last week.

Taddesse Tessema (Eng), general manager of Holland cars phoned in from the Netherlands to announce this to media on Wednesday November 21, 2012. The company founded seven years ago has been hit by heavy losses especially in the past three years, Tadesse stated.

Currency devaluation and an 8.5 million Br investment, a bus assembling factory that failed to get support from the city transport bureau and another failed investment in a factory that could have helped Holland produce cars instead of assembling had contributed to the loss.

In the past year alone the company has incurred losses worth 18 millionBr. It also has yet to deliver cars to 120 customers.Holland had tried every available means to secure financing but had failed to secure support from the government and financing institutions. "It is the saddest day of my life and I feel like I have lost a child" Tadesse stated.