Insolvency administrator Dr Michael Jaffé

Wirecard subsidiaries in Australia, Hong Kong, Indonesia, Malaysia, Philippines and Thailand sold - Significant progress made in sale of assets - Seite 2

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.

 

Additional information:

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.