VanMoof has been declared insolvent. According to the latest report by The Verge, the court in Amsterdam has withdrawn the so-called suspension of payments order and said the e-bike brand is bankrupt in what appears a rather abrupt manner.
The news comes only days after the first reports of VanMoof facing severe difficulties appeared.
Insolvency had been on the table already under the suspension order. However, other options, such as a sale, seemed also open. The appointed administrators are examining the possibility of a restart to continue operations. This includes looking into an asset sale to a third party to allow VanMoof to continue operations. However, the new court ruling declaring VanMoof insolvent means that a company could buy up VanMoof’s operations and assets without having to take on the company’s outstanding debt.
The bankruptcy decision came quickly, despite the court having previously issued a two-month cooling off period that protected VanMoof from creditors. The Verge adds it was understood that this could happen in cases “where administrators can easily see that a company has exhausted all available cash and any options for financing and sale”.
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The blog also quotes from an internal email from the two VanMoof founders to the company’s employees confirming the insolvency.
As for owners of VanMoof bikes, the company says its e-bikes “will remain functional and rideable, as we aim to keep our app and servers online and aim to secure the ongoing services for the future.” Still, looking at the speed of change and alleged state of affairs at VanMoof now might be a good time to download the bike’s unique digital key.
The company has posted a document outlining the current situation for customers and suppliers or creditors. Anyone seeking a refund of a prepayment made for a new e-bike can file a claim in the bankruptcy proceeding.
theverge.com, vanmoof.com (support document)