Dutch sports car maker Spyker is officially bankrupt after the District Court of Midden-Nederland converted its moratorium of payment to bankruptcy.

The decision was made at the request of the court-appointed administrator, who told the district court that Spyker failed to get its bridge funding that was needed in the company reorganization plan. The administrator will now act as the receiver and will presumably sell Spyker's assets to pay off the company debts.

"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,” said Victor R. Muller, Founder and Chief Executive Officer of Spyker.

Despite the setback, Muller also stated that he plans to resurrect Spyker again in the future but will focus on aircraft technology.

“I will relentlessly endeavor 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,” added Muller.

The company originally filed for bankruptcy protection during the first week of December 2014, wherein the company was still arranging loans from independent financiers to keep the company afloat while it still continued its day-to-day operations.