WIRECARD: NEW STATUS REPORT AVAILABLE

A new status re­port is avail­able on the in­solv­ency pro­ceed­ings of Wir­e­card AG.

At the be­gin­ning of the year, the in­solv­ency ad­min­is­trator of Wir­e­card AG had already pub­lished a status re­port on the status of the in­solv­ency pro­ceed­ings. A new status re­port is now available.

JAFFÉ SEES NO INDICATIONS OF TRUST ASSETS

In his re­port, Dr. Jaffé made it clear that there were no in­dic­a­tions of the ex­ist­ence of the so-​called TPA busi­ness (third-​party busi­ness). “On the con­trary, all fur­ther in­vest­ig­a­tions have con­firmed that this was not the case,” the status re­port states.

Cur­rently, ex-​Wirecard CEO Markus Braun must an­swer to the Mu­nich Re­gional Court. Dr. Braun re­peatedly claims that there is evid­ence of the TPA deal and that the res­ult­ing profits were stolen or em­bezzled by the real perpetrators.

Once again, the in­solv­ency ad­min­is­trator vehe­mently con­tra­dicts this: “It is in­con­ceiv­able that a trans­ac­tion of the mag­nitude that Wir­e­card spe­cified re­mained without traces in the company’s data.”

ARE SHAREHOLDERS CREDITORS IN THE INSOLVENCY PROCEEDINGS?

Ac­cord­ing to the status re­port of the in­solv­ency ad­min­is­trator, the ques­tion of whether or not (former) share­hold­ers of Wir­e­card AG are cred­it­ors in the in­solv­ency pro­ceed­ings within the mean­ing of Sec­tion 38 InsO posed a par­tic­u­lar chal­lenge. In this re­gard, the fund com­pany Union In­vest­ment had ini­ti­ated de­clar­at­ory pro­ceed­ings. On Novem­ber 23, 2022, the Mu­nich I Re­gional Court ruled against the former share­holder and dis­missed the ac­tion. This means that share­hold­ers can­not re­gister their claims as cred­it­ors with the rank set out in sec­tion 38 of the Ger­man In­solv­ency Code (InsO). Thus, the claims can only be ser­viced after other cred­it­ors (e.g. sup­pli­ers or lenders) have been satisfied.

How­ever, both the in­solv­ency ad­min­is­trator and we at the law firm Schirp & Part­ner Recht­san­wälte do not ex­pect this rul­ing to be­come leg­ally bind­ing. Rather, the Fed­eral Court of Justice will have to de­cide on this fun­da­mental issue.

Due to this de­cision of the re­gional court Mu­nich a state­ment of the de­mands of the share­hold­ers to the in­solv­ency table is not pos­sible at present, com­mu­nic­ated the in­solv­ency man­ager fur­ther. Bond­hold­ers are ex­pressly not af­fected by this decision.

As soon as there is a leg­ally bind­ing rul­ing in this mat­ter, we will of course in­form you about the fur­ther op­tions for action.

KAPMUG PROCEEDINGS OPENED – REGISTRATIONS POSSIBLE

In the mean­time, the cap­ital in­vestor model pro­ceed­ings have been opened. Have you already filed a law­suit against the aud­it­ors EY or at least have your claims been re­gistered for the model pro­ceed­ings? Then your rights are pro­tec­ted and you can­not take any fur­ther ac­tion at this point.

How­ever, if you have not yet filed a law­suit or ap­plied for the model pro­ced­ure, we ur­gently re­com­mend that you do not wait any longer. For reas­ons of ca­pa­city, we can cur­rently only im­ple­ment or­ders placed up to July 31, 2023. Please do not hes­it­ate to con­tact us, we will be happy to as­sist you in word and deed.

You can find more in­form­a­tion here.