International investor process launched
- Creditors’ Committee unanimously confirms Dr. jur. Michael Jaffé as the preliminary insolvency administrator of Wirecard AG
The Munich Local Court has appointed a preliminary creditors’ committee in the preliminary insolvency proceedings relating to the assets of Wirecard AG by order of June 29, 2020. At its constitutive meeting today, the preliminary creditors’ committee unanimously confirmed Dr. jur. Michael Jaffé from the law firm JAFFÉ Rechtsanwälte as the preliminary insolvency administrator. The preliminary insolvency administrator, who was appointed by the Munich Local Court also on 29 June 2020, presented an initial report at the meeting, which lasted several hours. According to this report, numerous interested parties worldwide have already expressed their interest in acquiring business units. The preliminary creditors’ committee then gave the go-ahead for an international investor process involving investment banks.
The primary objective of the preliminary insolvency proceedings is to stabilize the business operations of the Group companies. This applies to the processing of credit card payments as well as to the other business areas, which are to be regarded independently. To this end, intensive discussions are being held with customers, trading partners and the credit card organizations. However, it still cannot be ruled out that insolvency applications will also have to be filed for subsidiaries of the Wirecard Group with the aim of placing these companies under the protection of insolvency proceedings and, if possible, continuing them.
Wirecard Bank AG is still solvent; payouts to merchants and customers of Wirecard Bank are being carried out without restrictions.
Early in the morning of June 30, 2020, the British Financial Conduct Authority (FCA) lifted the restrictions initially imposed on the subsidiary Wirecard Card Solutions Ltd. after Wirecard AG had filed for insolvency. This means that several hundred thousand accounts are now once again open for the processing of payments. Customers can use their related (credit) cards as usual.
The respective business units and/or Wirecard AG are in close contact with the supervisors of the other licensed units abroad, likewise with the aim of continuing business while simultaneously safeguarding customers.
Press contact for the insolvency administrator