The District Court of Midden-Nederland, at the request of the administrator, has converted the moratorium of payment, granted to Spyker NV and its wholly owned subsidiaries Spyker Automobielen and Spyker Events & Branding on 2 December.

Committed bridge funding did not arrive in time and the administrator will continue his work but now as receiver.

Victor Muller, founder and chief executive officer said: "None of the ambitions we had when we founded Spyker 15 years ago, has vanished as a result of today’s events. In 2000 we set out to establish a super sports car business from scratch with a global distribution and we achieved that. Over the years we undertook some daring ventures that left their marks on the company which in turn contributed to today’s demise.

"I will relentlessly endeavour to resurrect Spyker as soon as practically possible and, assuming we will be successful, pursue our goal to merge with a high performance electric aircraft manufacturer and develop revolutionary electric Spykers with disruptive sustainable technology."