Wirecard said on Thursday it was filing for insolvency after disclosing a $2.1 billion financial hole in its accounts, becoming the first sitting member of Germany’s blue-chip share index to go out of business.
The German arm of the firm has opened proceedings at a district court in Munich, citing „impending insolvency and over-indebtedness”.
It is currently evaluating whether insolvency applications have to be filed for subsidiaries of the wider Wirecard Group.
Wirecard official statement:
„The management board of Wirecard AG has decided today to file an application for the opening of insolvency proceedings for Wirecard AG with the competent district court of Munich (Amtsgericht München) due to impending insolvency and over-indebtedness.
It is currently evaluated whether insolvency applications have to be filed for subsidiaries of Wirecard Group.”
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