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.

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ECB: 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.

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Classification 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).

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Wirecard – 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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