Wirecard administrator says preliminary insolvency proceedings make good progress

Maria Nikolova

Liquidity for the continuation of the business has been secured for the time being.

Dr. jur. Michael Jaffé of the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, acting as preliminary insolvency administrator or Wirecard AG, says that the insolvency proceedings for the assets of Wirecard AG are progressing well. Liquidity for the continuation of the business has been secured for the time being, the administrator says.

The initiated investor processes are making good progress, and this applies particularly to Wirecard North America Inc. where around 60 interested parties have signed confidentiality agreements. Numerous management presentations have already been held in recent days, and bidders were also able to obtain information in virtual data rooms.

In the next few weeks, the final phase of the liquidation process is set to begin, during which the bidders will be able to submit concrete acquisition offers.

In addition, the core business, so-called acquiring and issuing, continues to operate and is also being offered to investors for acquisition. “Also, thanks to the great commitment of many employees, the business has further stabilized despite the massive turbulence triggered by past events. 77 interested parties have already signed confidentiality agreements. We are confident of finding an investor for the core business, which offers considerable entrepreneurial opportunities in an enormously growing market,” explained Dr. jur. Michael Jaffé.

In addition, numerous liquidation processes are being initiated for the other global affiliates which can be sold independently of the core business.

Read this next

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

Industry News

HollyWally opens office in Portugal to bring B2B2C wallet-as-a-service platform to Europe

“We looked at a number of centers for startups throughout Europe and were attracted straight away to Lisbon. There is great Government support and enthusiasm for startups, it’s well positioned between our Asian and US offices, it’s a cost-effective city in which to base a fintech and it’s a beautiful place.”