Insolvency RecordCASE FILES

Germany · Payments and financial technology

Wirecard AG insolvency: proceedings and outcome

Wirecard AG, a Munich-area payments company listed in Germany, applied for insolvency at the end of June 2020 after disclosing that 1.9 billion EUR in cash could not be accounted for. The Munich Local Court opened insolvency proceedings on 25 August 2020 and appointed Dr. Michael Jaffé as insolvency administrator. The administrator sold business units in several countries, including the European core business to Banco Santander.

Liquidated Wirecard AG did not continue as a going concern. The insolvency administrator sold subsidiaries and business units in Europe, North America and Asia, with proceeds going to creditors.4,2

First filingJune 2020
Proceedings1

No verified total of liabilities captured. The company disclosed that 1.9 billion EUR could not be accounted for.5

Proceedings

TypeCourt or bodyCaseFiled
Insolvency proceedings (Insolvenzverfahren)1,2Local Court of Munich, Insolvency Court, Germany1542 IN 1308/20June 2020

Timeline

  1. Wirecard disclosed that 1.9 billion EUR was missing and filed for insolvency.5
  2. The Local Court of Munich opened insolvency proceedings over Wirecard AG and six other German Wirecard companies and appointed Dr. Michael Jaffé as administrator.2,1
  3. The administrator announced the sale of Wirecard North America.4
  4. The administrator announced Banco Santander would acquire the technology platform and assets of Wirecard's European payment business.3
  5. The administrator announced completion of the sale of Wirecard core assets.4
  6. The administrator announced the Munich I Regional Court had upheld in full an action for annulment.4

Sources

  1. Wirecard AG (insolvency administrator), Wirecard AG in insolvency (home page) (27 October 2026)
  2. Wirecard AG (insolvency administrator), Opening of insolvency proceedings concerning assets of Wirecard AG: Dr. jur. Michael Jaffé appointed as insolvency administrator (25 August 2020)
  3. Wirecard AG (insolvency administrator), Wirecard: Investor process for core business successfully completed (16 November 2020)
  4. Wirecard AG (insolvency administrator), Press releases (27 October 2026)
  5. Wikipedia, Wirecard scandal (27 October 2026)