Wirecard Administrators See Progress In Assets Sell-Off Plan

Law360, London (July 28, 2020, 12:13 PM BST) -- Wirecard AG's insolvency manager has said it is making progress in auctioning off the assets of the scandal-plagued payment company's assets, with approximately 140 potential buyers for its core business and subsidiaries.

Wirecard's court-appointed administrator, Munich lawyer Michael Jaffé, said Monday that the German company has secured sufficient liquidity to continue operating and has attracted interest from entities interested in snapping up its business units. It is not known who the bidders are because they have signed confidentiality agreements.

The German financial technology company collapsed in June after disclosing a €1.9 billion ($2.2 billion) hole in its accounts. The business, which is listed...

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