Lawyer Dr Michael Jaffé
Insolvency administrator of Wirecard AG, Aschheim
Insolvency administrator of Wirecard Sales International Holding GmbH
Significant progress made in sale of assets
Wirecard subsidiaries in Australia, Hong Kong, Indonesia, Malaysia, Philippines and Thailand sold
Munich/Aschheim/Amsterdam, 16 April 2021. In the insolvency proceedings concerning the assets of Wirecard AG and Wirecard Sales International Holding GmbH additional companies of the group have been successfully sold off. Following an extensive international bidding process, agreements have been reached on the sale of several subsidiaries in the Asia-Pacific region.
Insolvency administrator Michael Jaffé secured a sale of the shares in Wirecard e-Money Philippines, Inc., Wirecard Payment Solutions Malaysia Sdn. Bhd., Wirecard (Thailand) Co., Ltd. and Wirecard Payment Solutions Hong Kong Limited to Nomu Pay Ltd, a company owned by British and Dutch Technology Investment Firm Finch Capital following a further investor process. The sales agreement signed this week also covers assets and licences associated with the data warehouse of Wirecard Asia Holding Pte. Ltd. and Wirecard Singapore Pte. Ltd. At least 110 jobs will be retained at the various sites in Asia as a result. The transaction is still partly subject to approval by local banking regulators. The creditors committee of Wirecard AG has already approved the transaction.
The companies sold provide financial institutions and regional merchants with a range of payment processing solutions. These also include the Merchant & Acquiring business and licences for accessing the major payment card networks. Wirecard Payment Solutions Hong Kong Limited provides acquiring services for merchants in the digital and mobility, consumer goods retail and tourism sectors. Wirecard e-Money Philippines, lnc. opens up both online channels (e-commerce) and offline channels (POS terminals) for payment processing to merchants. It also holds a licence for issuing electronic money (EMI).
Wirecard Payment Solutions Malaysia Sdn Bhd likewise provides services for online e-commerce and offline merchants services as well as loyalty and e-wallet solutions for one of the largest operators of customer loyalty programmes in Malaysia.
Apart from this, PT Wirecard Technologies Indonesia, which has around 360 staff at sites in Indonesia and Malaysia, was sold to the technology holding company of an Indonesian company group. PT Wirecard Technologies Indonesia is a leading provider of digital software products for banks in Indonesia, Malaysia and other Southeast Asian countries. The award-winning PrimeCash software for transaction banking allows banks to offer their corporate and private clients solutions for managing payment flows.
Prior to this, Wirecard Australia A&I Pty Ltd. was successfully sold to an Australian payment services provider. The transaction is still subject to customary closing conditions.
“The sale of these shareholdings marks another positive result for the creditors. Despite the difficult initial situation, following a challenging bidding process we succeeded in selling the companies for the best possible price and securing substantial flows to the debtors’ assets in Germany. We have found a solution which allows business segments worth retaining to be continued as going concerns and at the same time leads to a very good result for the creditors. This is particularly pleasing, as it was not to be expected when the insolvency proceedings began,” said insolvency administrator Michael Jaffé.
Dr Michael Jaffé is one of the most experienced and renowned insolvency administrators in Germany. He has been regularly appointed by the courts for over two decades in large and complex insolvency cases where the aim is to secure assets for creditors and to realise them in the best possible way. One special focus of his expertise lies in multi-stage group insolvency proceedings and proceedings with cross-border issues or assets that are difficult to realise. Among the most nationally and internationally renowned insolvency proceedings of Dr Michael Jaffé are the media group KirchMedia of the late Dr Leo Kirch, the former global memory chip manufacturer Qimonda and the German subsidiaries of the Petroplus Group. He also successfully completed the restructuring of caravan manufacturer Knaus Tabbert, Grob Aerospace and Cinterion Wireless Modules Holding GmbH, among others.
As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a holding company for participations of the city of Gera for public welfare, he found a permanent solution for all companies. As insolvency administrator of the insolvent fund company NARAT GmbH & Co. KG, Dr Michael Jaffé sold one of the largest commercial real estate portfolios in North Rhine-Westphalia. In the insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a leading provider of closed-end funds in Germany with a total investment volume of around €4.7 billion, he worked through the complex structures and successfully liquidated the investments. He is also the insolvency administrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG.
As the insolvency administrator of three German P&R container management companies, he realised the worldwide container fleet within the framework of a complex cross-border structure with the aim of minimising the losses for the approximately 54,000 investors who have filed for insolvency tables for over €3 billion.
Munich Local Court appointed Michael Jaffé as the insolvency administrator of Wirecard AG and Wirecard Technologies GmbH, Wirecard Issuing Technologies GmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies GmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH in a court order given on 25 August 2020.
For more than two decades, JAFFÉ Rechtsanwälte Insolvenzverwalter has been one of the leading law firms in the fields of insolvency administration, insolvency law and restructuring (in accordance with the German Law on Further Facilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen) or ESUG), especially in complex and cross-border proceedings. An important basis for this is the many years of experience, competence and independence that are regularly in demand, especially in complex proceedings. This is one of the reasons why the firm has enjoyed the trust of courts and creditors for decades, especially in difficult proceedings where conflicting interests of the parties involved exist. With its own efficient structure, which has grown over the years, the firm can accompany proceedings of any size in the interest of creditors.
Please do not hesitate to contact us if you have any questions:
Media contact for the insolvency administrator