Rechtsanwalt Dr. Michael Jaffé
Insolvency Administrator of Wirecard Sales International Holding GmbH
Disposal of Subsidiaries in Asia well advanced:
Further sale in Indonesia – transactions completed in Hong Kong and Malaysia
MUNICH/ASCHHEIM/DUBLIN/KUALA LUMPUR/HONG KONG/JAKARTA – EQS Newswire – 12 July 2021 – The insolvency administrator has achieved further success in completing additional divestitures as part of the insolvency proceedings regarding the assets of Wirecard AG and Wirecard Sales International Holding GmbH. Specifically, this week the shares of two of four subsidiaries in the Asian-Pacific region were sold and transferred to Finch Capital. This was achieved in spite of the difficult circumstances for the consummation of the transaction due to the current lockdown in Malaysia and hence the insolvency administrator Dr Michael Jaffé was successful in completing the first portion of the transaction with Finch Capital’s subsidiary Nomu Pay Ltd.
Pursuant to the sales contract executed in mid-April, the shares in the other entities, which have been sold to Finch Capital, Wirecard e-Money Philippines, Inc. and Wirecard (Thailand) Co., Ltd., shall be transferred as well. With the completion of the first part of the transaction, almost 90 employees will find a new home and substantial proceeds can be distributed to the German insolvency estates.
Furthermore, the insolvency administrator has previously sold all of the shares in PT Prima Vista Solusi/Indonesia together with its nearly 670 employees to the technology holding company of an Indonesian company group, thus achieving yet another successful sale in South East Asia amidst strict limitations due to the pandemic. The completion of this transaction is still subject to customary closing including the necessary approval by the Indonesian banking control authority.
“With the sale of PT Prima Vista Solusi in Indonesia and the completion of the sale of subsidiaries in Hong Kong and Malaysia, we have largely completed the disposal of the portfolio companies. Overall, we were able to achieve the best possible solutions for employees and creditors and to safeguard around 2,800 existing jobs in the course of the disposals “, said insolvency administrator Dr Michael Jaffé.
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.
As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a holding company for participations of the city of Gera for public welfare, he found a permanent solution for all companies. As insolvency administrator of the insolvent fund company NARAT GmbH & Co. KG, Dr Michael Jaffé sold one of the largest commercial real estate portfolios in North Rhine-Westphalia. In the insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a leading provider of closed-end funds in Germany with a total investment volume of around €4.7 billion, he worked through the complex structures and successfully liquidated the investments. He is also the insolvency administrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG.
As the insolvency administrator of three German P&R container management companies, he realised the worldwide container fleet within the framework of a complex cross-border structure with the aim of minimising the losses for the approximately 54,000 investors who have filed for insolvency tables for over €3 billion.
Munich Local Court appointed Michael Jaffé as the insolvency administrator of Wirecard AG and Wirecard Technologies GmbH, Wirecard Issuing Technologies GmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies GmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH in a court order given on 25 August 2020.
For more than two decades, JAFFÉ Rechtsanwälte Insolvenzverwalter has been one of the leading law firms in the fields of insolvency administration, insolvency law and restructuring (in accordance with the German Law on Further Facilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen or ESUG), especially in complex and cross-border proceedings. An important basis for this is the many years of experience, competence and independence that are regularly in demand, especially in complex proceedings. This is one of the reasons why the firm has enjoyed the trust of courts and creditors for decades, especially in difficult proceedings where conflicting interests of the parties involved exist. With its own efficient structure, which has grown over the years, the firm can accompany proceedings of any size in the interest of creditors.
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