The latest bankruptcy report for the Superfuse developer, Stitch Heads, provides new information like the potential of a company restart. Other details in this article include a vague reasoning for bankruptcy, a deal with Chucklefish, and when the bankruptcy process may end.
Disclaimer: I’m not a lawyer and I had to rely heavily on Google Translate to understand Dutch documents. It’s possible that certain translations may be slightly wrong and impact this article.
Curator Completes “Activities to restart the company”
One of the biggest bits in the May 27, 2025, report is a tiny section regarding “Activities to restart the company”. The curator in charge of this bankruptcy only wrote that the process to restart was completed, which doesn’t provide much information. However, according to a government website for the Netherlands, a restart is when a company continues after bankruptcy. The curator handling Stitch Heads will decide which parts of the business can continue and then sell that to a new company.
As mentioned in our previous article, the current three Stitch Heads board members are also behind a company named Hexcode Holding B.V. We now know that it has purchased the IP rights of something known as Project Gladiators for €605, including tax. However, the curator is still deciding if there’s any value to the Superfuse IP and whether or not it can be sold.
Hexcode Holding appears a few times more times regarding settling on VR glasses and a €15,000 settlement. I don’t completely understand the section regarding the €15,000, so I won’t speak on that, but for those interested, this is under the 7.8 section. Aside from that settlement, a game that Stitch Heads developed, named Kabounce, is now attributed to Hexcode Holding B.V. on the PlayStation Store.
According to the Wayback Machine, this change happened sometime between March 21, 2025, and now. On March 21, Kabounce was attributed to Stitch Heads B.V. This doesn’t confirm anything regarding Kabounce’s IP rights, but it is an interesting recent change. Similarly, we’ve noticed the Stitch Heads website which was a 404 error recently, now says its website is launching soon.
The Stitch Heads company website as of June 11, 2025.
The Vague Reasoning For Bankruptcy and a Deal With Chucklefish
The latest report continues an investigation into the cause of Stitch Heads’ bankruptcy. Our previous article discussed how it had a strong 2023 with plans for 2024 that fell through. Building off of the last report, the curator established that the bankruptcy was due to external circumstances. While they didn’t clarify further, this is still important because it plays a role in allowing the company to restart.
Despite Stitch Heads’ bankruptcy filing, its business operations continued and earned money. Most of this was from a deal with game developer and publisher, Chucklefish. The curator’s report mentions “Kickback Chucklefish” for €26,015 regarding a project without specifying more. We’ve tried contacting Chucklefish for more information, but it hasn’t responded.
It’s possible Hexcode Holding may have taken over the project and contract as part of the restart process. But this is only speculation since the report doesn’t provide enough information to know more.
A picture of the Chucklefish logo as a plushy.
Regarding Owed Debts to Creditors
The new report addresses debt claims owed in taxes, claims to two employees, and a large amount that the curator is disputing. Due to how bankruptcy works in the Netherlands, each claim falls into a different tier, impacting the order they’ll be paid. In an attempt not to overload you with information, here are the bullet points:
- €47,934 is currently owed in taxes, but the curator is objecting to €12,998 and waiting for a response from the UMV. The UMV handles a variety of benefits like unemployment.
- €7,080.46 is owed to two former employees.
- €29,596.34 is an amount that isn’t finalized yet for claims owed to creditors.
- €6,600,094.37 is currently being disputed.
There isn’t much info regarding each bullet point, but the last two are non-preferential claims, which means they’re second to last in priority. If there isn’t enough money to pay them, these creditors will only be paid a percentage. Since Stitch Heads, now known as NederBrew B.V., is a B.V., it’s the equivalent of an LLC, which means creditors can’t go after personal assets.
Once the curator is ready to propose a settlement regarding the remaining debts, creditors can agree or disagree with the plan. If they disagree, the curator will pay as much as they can and the debts will remain with the company. The fun part about this is that restarting a company leads to a new business taking over that isn’t liable for the debts of the previous one. For example, if Hexcode Holding takes over Stitch Heads, it won’t have to pay any remaining debts.
When Will the Bankruptcy Be Finalized?
The curator wrote in their May report that they expect to settle the bankruptcy in their next reporting period. They also noted that their next report will be on August 27, 2025. But as happened with this one, it could arrive sooner. Right now, waiting for a response from the UMV is holding it up and I’m assuming the disputed €6,600,094.37 claim as well.
If you have any information regarding Stitch Heads or Superfuse, feel free to contact me at jeff(at)slythergames.com or via Signal: jlerman.34
Jeff is a journalist with over 10 years of experience writing, streaming, and making content about video games. With an associate degree in journalism, he’s a sucker for RPGs, survival games, roguelikes, and more.