REGISTER YOUR CLAIMS IN THE INSOLVENCY PROCEEDINGS NOW!

On June 25, 2020, WIR­E­CARD AG filed an ap­plic­a­tion for the open­ing of in­solv­ency pro­ceed­ings at the com­pet­ent dis­trict court in Mu­nich due to im­min­ent in­solv­ency and over-​indebtedness. As a res­ult, the price of the WIR­E­CARD share al­most com­pletely col­lapsed. In the mean­time, the share is no longer trad­able on the mar­ket. Against the back­ground of the open­ing of in­solv­ency pro­ceed­ings, a claim against WIR­E­CARD AG is no longer leg­ally pos­sible. Claims against WIR­E­CARD AG are to be filed within the frame­work of the in­solv­ency pro­ceed­ings. Ori­gin­ally, the in­solv­ency ad­min­is­trator had set a dead­line of Oc­to­ber 26, 2020 for fil­ing claims for dam­ages in the in­solv­ency pro­ceed­ings. How­ever, as the in­vest­ig­a­tion pro­ceed­ings are still on­go­ing, claims can still be filed in the in­solv­ency pro­ceed­ings without any problems.

The in­vestors of WIR­E­CARD AG (shares/​derivatives) are in prin­ciple not cred­it­ors in the in­solv­ency pro­ceed­ings of their own AG. But: The in­vestors are en­titled to claims for dam­ages against WIR­E­CARD AG due to the many years of bal­ance sheet ma­nip­u­la­tion of which the Man­age­ment Board and the Su­per­vis­ory Board of WIR­E­CARD AG are ac­cused. And with these claims for dam­ages, the in­vestors are cred­it­ors in the pro­ceed­ings of WIR­E­CARD AG.

We are of the opin­ion that it is worth­while to file one’s claim in the in­solv­ency pro­ceed­ings of WIR­E­CARD AG. Des­pite the high level of over-​indebtedness of WIR­E­CARD AG, we are con­vinced that at least a pro­por­tional pay­ment from the in­solv­ency es­tate can be expected.

You can file your claims in the in­solv­ency pro­ceed­ings of WIR­E­CARD AG your­self and do not need a law­yer for this. How­ever, since the fil­ing must be sub­stan­ti­ated in a man­ner sim­ilar to a state­ment of claim, we re­com­mend that you have the fil­ing done by a lawyer.

If you wish us to file the claim in the in­solv­ency pro­ceed­ings on your be­half, we re­quest that you grant us the man­date by re­turn­ing the signed power of at­tor­ney and re­voc­a­tion no­tice as well as cop­ies of all your pur­chase statements.

LEGAL ACTION AGAINST EY

A law­suit against EY is also pos­sible and sens­ible des­pite the ini­ti­ated KapMuG pro­ceed­ings, as oth­er­wise there is a risk of a con­sid­er­able loss of time. If you would like to have your claims for dam­ages ex­amined free of charge and are also in­ter­ested in tak­ing legal ac­tion against EY, you can find more in­form­a­tion here.

APPLICATION FOR MODEL PROCEEDINGS UNDER KAPMUG

The Mu­nich Re­gional Court has ini­ti­ated KapMuG (Cap­ital In­vestor Model Pro­ceed­ings) pro­ceed­ings in the Wir­e­card case. In this type of pro­ceed­ing, all claims against EY for dam­ages in con­nec­tion with the Wir­e­card in­solv­ency are to be bundled. Fur­ther in­form­a­tion on this can be found here.