VanMoof, the Most Funded E-bike Company in the World, Declared Bankrupt

VanMoof -- the independent e-bike maker that once bragged about being the "most funded e-bike company in the world" -- has been declared bankrupt in the Netherlands. The company had entered into a so-called "suspension of payment" proceeding with court-assigned administrators just last week. From a report: According to a statement released by VanMoof, the court of Amsterdam withdrew the suspension of payment proceeding of the Dutch legal entities VanMoof Global Holding BV, VanMoof BV and VanMoof Global Support BV, and declared each entity bankrupt. VanMoof legal entities outside the Netherlands are not in insolvency proceedings. Two administrators have been appointed as trustees and are continuing to assess the situation at VanMoof and the possibility of a restart. That includes exploring an asset sale to a third party so that VanMoof could continue operations. So basically, a company could buy up VanMoof's operations and assets without having to take responsibility for 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. It's understood that this can 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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