Attorney-at-law Dr Michael Jaffé
Insolvency Administrator of Wirecard Sales International Holding GmbH
Further Successful Sale in Asia
Wirecard subsidiary in Vietnam sold
Munich/Aschheim/Seoul, 29 April 2021. In the insolvency proceeding concerning the assets of Wirecard Sales International Holding GmbH a further successful sale could be achieved after the recent sale of several subsidiaries in the Asia-Pacific region.
Following an international bidding process, Wirecard Singapore Pte. Ltd., the subsidiary of Wirecard Sales International Holding GmbH divests its shareholding in Wirecard (Vietnam) Company Limited to South Korean credit card company BC Card Co., Ltd. The transaction is still subject to certain conditions, in particular, approval by the local merger control authority.
Wirecard (Vietnam) Company Limited has a market-leading position in the field of payment services solutions in Vietnam and is offering its customers one-stop-shop solutions starting from back-end software to front-end hardware. Among the customers are major state banks as well as numerous financial institutions.
“Despite the challenging circumstances of the international sales processes amidst a pandemic, we succeeded in preserving another Wirecard subsidiary in Asia as going concern and secured the sale of the shareholding in the best interest of the creditors,“ summarized the insolvency administrator Dr Michael Jaffé after the most recent successful sale.
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.
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