Dutch e-bike manufacturer VanMoof reportedly applied to a local Dutch court and received an official suspension of payment provision to avoid bankruptcy proceedings while pursuing options to reduce debt, including a sale.
According to a report in the Dutch publication NRC, a court-appointed administrator with veto power will advise brothers and co-founders Ties and Taco Carlier to assist in negotiating with creditors and administering assets.
Under Dutch law, creditors cannot claim their debts during the suspension of the payment period, which ends once all creditors are paid, a final agreement with creditors is reached or in a bankruptcy event.
TechCrunch reported earlier this week that VanMoof “was facing a major crisis: a prolonged pause in sales; a barrage of angry customers demanding refunds for their bikes, or complaining about the lack of service on their broken bikes; the departures of key executives; and struggling to raise money to continue operating.”
