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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Insolvency administrator intends 730 terminations at Wirecard
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.
read moreECB: Wirecard is a financial company
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.
read moreWorks councils at Wirecard subsidiaries
Wirecard AG has various subsidiaries: Wirecard Bank AG, Wirecard Service Technologies GmbH and Wirecard Acceptance Technologies GmbH.
read moreParliamentary Committee of Inquiry moves closer | Bafin employees traded in Wirecard shares
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.
read moreClassification of Wirecard AG as a technology company
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).
read moreWirecard and lobbying
Wirecard share is among the losers of the day on August 13, 2020
Wirecard – Payments to partner companies shortly before insolvency
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.
read moreWirecard – Status of the legal proceedings
At present, the news are breaking as regards lawsuits that have already been initiated or are currently prepared. Which way is the right one, to „opt in“ in a class action or to file individual proceedings, depends on the circumstances of the individual case.
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