Julius Bischoff
With the proposal for “EU Inc.” presented on March 18, 2026, the European Commission aims to remove structural barriers in the single market and significantly simplify the process of founding a business and conducting cross-border business activities for European companies. The initiative is part of the update to the Single Market Strategy and is intended to make the European single market more attractive as a business location as well as to strengthen it.
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Insolvency proceedings of Wirecard AG were opened on August 25, 2020, by the Mu-nich Local Court. What does this mean for the rights of creditors and the enforcement of claims?
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Today (August 25, 2020) the main insolvency proceedings have been opened concerning assets of Wirecard AG on the grounds of over-indebtetedness and illquidity. By the end of November 2020 the insolvency administrator has to publish the first detailled offical report on the remaining assets of Wirecard AG. With regard to the evaluation ot the enormous volume of data and payment transactions, the insolvency administrator will disclose important results on the remaining assets, even though not all registered claims of Wirecard AG’s creditors will be evaluated by then.
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The German Federal Financial Supervisory Authority (BaFin) classified Wirecard AG as a technology company and not as a financial holding group. As a consequence, in the opinion of BaFin, the Free State of Bavaria or the district government of Lower Bavaria was entrusted with the task of supervising the global Group with regard to money laundering.
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Wirecard AG has various subsidiaries: Wirecard Bank AG, Wirecard Service Technologies GmbH and Wirecard Acceptance Technologies GmbH.
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The Wirecard scandal also has a political dimension. According to press reports, an inquiry by the Greens revealed private share transactions by employees of BaFin and other consulting mandates of former top politicians.
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In 2017, Wirecard AG was classified by BaFin as a technology company and not as a financial holding group after an "extensive, joint examination together with the Deutsche Bundesbank" and "in accordance with a subsequent statement by the ECB [European Central Bank] (...)" (cf. Deutscher Bundestag Finanzausschusssdrucksache 19/7 - 548, p. 6).
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According to press reports, Wirecard seems to have lent a total of 870 million euros to business partners in Asia in the last few months before the insolvency.
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