Wirecard Files For Insolvency After Admitting Missing €1.9B
Law360, London (June 25, 2020, 10:24 AM BST) -- Payments company Wirecard said Thursday that it has filed for insolvency in a German court as prosecutors investigate a €1.9 billion ($2.1 billion) hole in its accounts, prompting calls for an investigation into how the case slipped past the financial regulator.
The payments company has said it sought court protection from creditors because of its "impending insolvency and over-indebtedness." (AP)
Wirecard AG said its board has filed an application for insolvency proceedings in the district court of Munich. The German financial technology company said it decided to seek court protection from creditors as a result of "impending insolvency and over-indebtedness."
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