Amsterdam-based e-bike manufacturer VanMoof is now officially bankrupt.
The Dutch company has issued a statement indicating that on July 17, 2023, the court of Amsterdam lifted the suspension of payment proceedings for the Dutch legal entities VanMoof Global Holding BV, VanMoof BV, and VanMoof Global Support BV.
The court has declared these entities bankrupt. The decision to bankruptcy was made because the Dutch entities lacked sufficient cash flow to meet their liabilities.
“By filing for bankruptcy, there is a better chance of restarting the VanMoof business, as potential investors can acquire the assets and activities without taking on existing debt,” the company mentions in a tweet.
VanMoof outside entities not affected
Two administrators, Mr. Padberg and Mr. De Wit have been appointed as trustees.
The trustees are continuing to assess the situation at VanMoof and are investigating the possibilities of a re-start out of bankruptcy through an asset sale to a third party so that VanMoof’s activities can be continued.
It’s important to note that other legal entities of VanMoof in Taiwan, the USA, Japan, Germany, France, and the UK are not affected and are not undergoing insolvency proceedings, confirms VanMoof in a statement.
Contract termination
For employees of Dutch legal entities, employment contracts will be terminated due to lack of funds to pay salaries.
The Dutch UWV (Employee Insurance Agency) will initiate ‘loongarantieregeling,’ which guarantees salaries and makes payments to employees in accordance with the scheme terms and conditions
The announcement comes a week after the company sought legal protection from the Dutch court to secure the necessary time for settling its outstanding financial bills.
Cowboy to the rescue
In an attempt to help the Dutch company’s bike riders, Brussels-based Cowboy, an e-bike company, launched the Bikey App. Through this VanMoof riders can generate their unique digital key, granting them access to their VanMoof e-bike’s settings.
Available on iOS, the Bikey App is currently compatible with the widely used VanMoof e-bike models, specifically the S3 and X3. However, the Belgian company plans to extend support to the new S5 and A5 e-bikes soon.
Cowboy also assures users that no information, including email addresses, is shared outside of the application.
Read the orginal article: https://siliconcanals.com/news/startups/vanmoof-declared-bankrupt/
