Topaas og Haug AS Files for Bankruptcy in Norway

Topaas og Haug AS, a construction and soil production company based in Rud, Bærum, Norway, filed for bankruptcy on March 21, 2026, due to sustained financial losses and strained liquidity. The company, established in 1954, cited low order intake and high expenses as contributing factors to its financial difficulties.

Financial Struggles and Debt

According to a ruling from the district court, Topaas og Haug AS had a total debt of NOK 24.3 million. The company’s assets, consisting of fixed assets, inventories, and outstanding receivables, were estimated at approximately NOK 16 million. In 2024, the company reported operating income of NOK 92.3 million but incurred a deficit of nearly NOK 8 million.

The company experienced losses in 2022, 2023, and 2024, totaling a negative figure of NOK 17.6 million. Management, in accounts signed September 5, 2024, warned of potential challenges in servicing ongoing obligations if planned cost savings and income management measures were unsuccessful.

Planned Restructuring Efforts

Prior to the bankruptcy filing, Topaas og Haug AS outlined several measures to address its financial situation, including:

• Adapting operations to a lower income level.
• Reducing the use of purchased services in favor of internal implementation.
• Reducing labor costs through natural departures and terminations.
• Selling non-essential operating assets.
• Engaging in dialogue with the bank to establish a repayment plan.

The bank had indicated an intention to reduce the overdraft to approximately NOK 4 million by the end of 2025/early 2026, with a further assessment planned based on 2025 results.

Company History and Operations

Founded in 1954 by Ivar Topaas and Alf Otto Haug, the company initially focused on building forest roads. Over the decades, Topaas og Haug AS grew alongside the development of Bærum, contributing to the construction of the Rud-Hauger industrial area in the 1970s. The company operated from various locations before consolidating its operations at Rud in 1980.

Topaas og Haug AS specialized in reception and intermediate storage of pulp at Yggeset Miljøpark and too produced soil in collaboration with Grønn Vekst. The company emphasized competence and quality throughout its history.

Bankruptcy Proceedings

The bankruptcy filing has suspended the company’s operations. Erik Bjørn, the estate administrator from the Dehn DA law firm, stated that few claims have been reported to the estate so far and that there is no order book for potential buyers, citing difficult conditions in the industry.