A bi-directional tightening device and a method for tightening of a threadable line, the tightening device having: a rotatable spool; a frame for supporting the spool, the frame has a handle for rotating the spool; a ratchet mechanism rotationally fixed to the spool; a drive pawl coupled to the frame; a locking mechanism configured for keeping the ratchet mechanism in place during a return stroke of the handle, wherein the ratchet mechanism has at least one first ratchet wheel for rotating the spool in a first direction, and at least one second ratchet wheel for rotating the spool in a second direction opposite the first direction, to allow bi-directional tightening of the line.