You are here

Ideal Bike says VanMoof's Asia business owes it $1.5 million

Published September 1, 2023

TAICHUNG, Taiwan (BRAIN) — Bike manufacturer Ideal Bike Corp. says its representative will make claims worth $1.52 million at a creditors meeting being held Monday by VanMoof Asia Ltd., a Taiwan-based business related to the Netherlands-based e-bike brand.

VanMoof's Netherlands businesses, Vanmoof B.v. and VANMOOF Global Support B.V. , were declared bankrupt in July. On Thursday, the British-owned mobility brand Lavoie said it had agreed to acquire the assets of the Dutch companies.  

According to a filing with the Taipei stock exchange, Ideal Bike has retained Ince & Co., a Hong Kong law firm, to represent its interests at a VanMoof Asia creditor meeting, and will present proof of claims for its trade debts at the meeting. 

VanMoof Asia was not part of the insolvency proceedings in the Netherlands, according to a VanMoof information page. According to the Taipei filing, Ince & Co. has confirmed with a liquidator that VanMoof Asia LTD is currently not being "wound up."

Ideal said the $1.52 million loss was already reflected in its second-quarter earnings report, released earlier this month. In that report, Ideal said its quarterly revenues were NT$1.02 billion ($32 million), down 21% from its second-quarter revenues last year. It reported a net loss for the quarter of NT$103.4 million, compared to a net profit of NT$110.8 million in the quarter last year. 

Join the Conversation