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Munich Court Opens Insolvency Proceedings Regarding Assets Of Wirecard

A Munich court has opened insolvency proceedings against the struggling German payments company Wirecard AG.

The court has named lawyer Michael Jaffe as the insolvency administrator. The current supervisory board will surrender its control of the company and is expected to resign following the announcement.

"The economic situation of Wirecard AG was and is extremely difficult in light of the lack of liquidity and the well-known scandalous circumstances," Jaffe said in the statement. "The usual restructuring and cost-adjustment measures are therefore not sufficient, as such a massive loss situation is not feasible at full cost in the insolvency proceedings."

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