it’s confirmed, a new judicial liquidation is coming
Administrator Jan Padberg, who oversees VanMoof’s bankruptcy process in the Netherlands, confirmed to CssTricks that the Taiwanese branch of the company was going to be placed in compulsory liquidation in early September. This would be the second liquidation after the United Kingdom.
Update of 08/24/2023 at 3:45 p.m.:
According to the media Cycling Electric, very aware of the VanMoof file, the Taiwanese branch of the company is already insolvent, according to local sources. The staff would also have already been laid off, and would not have received a salary since mid-July.
As of July 18, the first alarming signals were observed: employees were asked to work remotely. Barely a month later, the teams reportedly learned of the company’s insolvency. With tragic consequences: the outright termination of their contract.
Original article from 08/24/2023 published at 2:30 p.m.:
The VanMoof affair is going from bad to worse. Bankrupt since mid-July 2023, the Dutch company specializing in connected electric bikes can’t get its head above water. All the takeover offers issued have finally collapsed – Micromobility, Lavoie, Brian Mogensen – suggesting an increasingly uncertain, if not tragic, outcome.
Almost all markets where VanMoof operates find themselves in a delicate position: bankruptcy has been declared in the Netherlands, France and Germany, while the United Kingdom has been officially placed in voluntary liquidation on August 18, 2023. In the USA, the activities would continue. In Japan, they are currently suspended.
Taiwan in liquidation on September 5
What about Taiwan? Until then, the island state shared the same situation as Japan. Except that in a few days, everything should change: VanMoof Taiwan will be placed in compulsory liquidation on September 5, confirmed to CssTricks Jan Padberg, the administrator who oversees the bankruptcy process of VanMoof with whom we exchange regularly.
This is account X (formerly Twitter) once again VanMoof News who got wind of a potential judicial liquidation in Taiwan. According to him, this liquidation was recorded overnight, taking the employees by surprise. Information to be received with caution given the statements of Jan Padberg, who gave us the date of September 5.
A bogged down file
This would be the second market where VanMoof would enter into compulsory liquidation. Here, we do not know if it is voluntary as in the United Kingdom – it would be the CEO who would act on it -, or if justice has intervened this time. We’ll probably have more in the days to come, or by the aforementioned deadline.
VanMoof’s future is getting darker day by day. Negotiations for a takeover never come to anything, Dutch employees enjoy social protection relating to their salary until August 30, and the debt estimated at the time of the bankruptcy amounted to 144 million euros. The further we go in time, the more the situation deteriorates. Until the total break?
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