Learn how your comment data is processed. Even if the process dragged on for more than 16 years, it was the big breakthrough in Jaffé’s career. According to the report, business is stable even in Corona times. However, with the opening of the insolvency proceedings, the existing structures will have to be resized. Jaffé hat eine Beratungsgesellschaft schätzen lassen, was in den vergangenen Jahren wirklich los gewesen sei bei Deutschlands Aufsteiger Wirecard. Over the past two decades, Jaffé has earned a reputation for being able to deal with particularly complicated major bankruptcies. Jaffé apparently had a trusting working relationship with the authority. In March 2018, Jaffé took over another mega-procedure, which is likely to be very present to the judges at the district court in Munich and may have influenced their selection. The proceeds from the sale will benefit the creditors,” emphasized insolvency administrator Dr. Michael Jaffé. Following this appointment, the current supervisory board will have to surrender control of the company, and they may resign. “The economic situation of Wirecard AG was and is extremely difficult in light of the lack of liquidity and the well-known scandalous circumstances. With a team led by Florian Becker (Munich) and Sascha Leske (New York) Noerr has advised Wirecard AG’s insolvency administrator, lawyer Michael Jaffé from the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, on the successful sale of Wirecard North America Inc. to financial holding company Syncapay Inc. 25 August (Tuesday) – Wirecard administrator Michael Jaffé has reportedly cancelled the contracts of the company’s chief executive, CFO and chief product officer, while also cutting 730 staff at at its Bavaria headquarters. Instead of the 1.6 million containers sold, Jaffé only found 600,000 in stock. Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The district court of Munich has opened the insolvency proceedings regarding the assets of Wirecard (WDI:DE), which were applied for on June 25, 2020, according to a note from the company. The usual restructuring and cost-adjustment measures are therefore not sufficient, as such a massive loss situation is not feasible at full cost in the insolvency proceedings. Creditors’ Committee unanimously confirms Dr. jur. As a result, terminations need to be made both with regard to the infrastructure (real estate rental and leasing contracts) and for around 730 employees. The insolvency administrator will provide the creditors with a written report, which will also be available in the creditor information system. Jun 30, 2020. From then on, he had no influence on the bankruptcy proceedings. In the latest status report on P&R, Jaffé writes: Preserving the company in Zug as a paying agent for the global exploitation of the container fleet is the prerequisite for “generating funds for the bankruptcy estate”. 28 August (Friday) – Wirecard has announced it will wind-down its UK business. In the case of P&R, the Jaffé team counted 86,000 claims registrations, which is why he moved the meeting of creditors to the Munich Olympiahalle. He gave creditors an unusually high 40 percent. The liquidation processes for the other Wirecard affiliates worldwide are also making progress. Mastering the extreme number of creditors poses enormous challenges for the bankruptcy administration of P&R companies. Das Ergebnis ist eine Tabelle in tiefrot. The report meeting is not public and is therefore only open to the insolvency creditors. Around 500 Employees switch to Getnet Platform . He became known in 2002 with his appointment in the bankruptcy of Leo Kirch’s media empire, which included the Pro Sieben Sat 1 broadcasting group. The competent Munich Local Court set a deadline for this purpose of 26.10.2020. Especially since he can rely on many experiences with criminal bankruptcy. Munich/Aschheim, November 16, 2020. Opening of insolvency proceedings concerning assets of Wirecard AG - Dr. jur. Direct investments in sea containers were particularly popular with older investors due to their supposed security. Jaffé was not available for the Handelsblatt on Thursday and Friday. The case is considered one of the largest investment scandals in the history of the Federal Republic. Under the preliminary insolvency administration, it has since been possible to stabilize the ongoing business and create a basis for its continuation. Since then he has been called on to help with major bankruptcies, such as the caravan manufacturer Knaus Tabbert or the chip manufacturer Qimonda. Aschheim (Munich) With today's decision, the district court of Munich has opened the insolvency proceedings regarding the assets of Wirecard AG, which were applied for on 25 June 2020. These are the same law enforcement officers who are now investigating the management manipulation of Wirecard AG on suspicion of market manipulation. A Peruvian court indicted Bill Gates, Soros and Roc ... 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Against this background, far-reaching cuts are therefore necessary in order to make any kind of continuation possible and to maintain the option of exploiting Wirecard AG's core business, the so-called acquiring and issuing business. As announced, the major Spanish bank Santander took over the core business of the scandalous group Wirecard, including 500 employees, with a slight delay. But he only talks to reporters when he really has something to say. Disgraced German payment group Wirecard has found a buyer for its UK division in competitor Railsbank, Sifted has confirmed.. Wirecard announced in June that it was unable to locate $2bn worth of cash in its trust accounts, causing the company once valued at $13bn to collapse into bankruptcy. Employees can join Santander - Aschheim site remains. However, due to Covid-19 hygiene regulations, the number of participants will be limited, according to the guidelines of the Bavarian government. P&R sold the steel boxes and immediately rented them back. With the filing of the insolvency application, Wirecard's business activities will be continued. Peter Mattil remembers: “He – rightly – took him into the headlock.”. Banco Santander acquires technology assets and platform. Michael Jaffé from the law firm JAFFÉ Rechtsanwälte was appointed as the insolvency administrator. According to the liquidators, the insolvency administrator, lawyer Michael Jaffé, appointed to Wirecard Group in Germany in August, has also questioned … That’s why the following applies in Munich: “If it goes over a billion, it ends up with him.”. Gardaí are investigating an alleged €400 million fraud at electronic payments company Wirecard’s Irish arm, the High Court heard on Monday.. Madrid, 16 November 2020. As things currently stand, this first creditors' meeting is to take place in person in the Löwenbräukeller in Munich. Nonetheless, these creditors can also provide written authorization for a representative to attend. All promising and recoverable claims for damages will be pursued by the insolvency administrator. The public prosecutor’s office in Munich 1 was able to complete the investigation quickly. 2500 investors listened to his statements there. Aug 25, 2020. Business operations to be continued - Resizing of existing structures necessary - Reorganization of sustainable areas; On August 25, 2020, the Local Court of Munich opened insolvency proceedings regarding the assets of Wirecard AG and six other German Wirecard companies and appointed Dr. jur Michael Jaffé of the law firm JAFFÉ â€¦ The purchasing price was not disclosed. In the sales process for the core business, which also includes the solvent Wirecard Bank AG, we are currently in negotiations with several well-known interested parties regarding an acquisition. Level the playing field with access to the latest investment research. With the opening of the insolvency proceedings, the creditors of Wirecard AG as well as of the insolvent 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 can now also file their claims for the insolvency table in the respective proceedings with the insolvency administrator. Date 16/11/2020 In November 2018, Jaffé also announced his plan to send the container fleet over the oceans a decade ahead of time and to channel the profits to the bankruptcy estate in a full hall at the German Congress of Insolvency Administrators. With a team headed by its Berlin-based partners Dominik Rompza and Christian Pleister, Noerr has advised the insolvency administrator of Wirecard Sales International Holding GmbH (WDSI) and Wirecard AG, Michael Jaffé from the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, on the sale of WDSI’s subsidiaries in Romania. Santander announced that it agreed with the insolvency administrator of several Wirecard entities, Dr. Michael Jaffé and Wirecard Bank AG, to acquire the assets. In the bankruptcy of the P&R Group, the former market leader for direct investments in sea containers, 3.5 billion euros are on fire. The current preliminary insolvency administrator Dr. jur. At Wirecard AG, it may be too early a day after filing for bankruptcy. This site uses Akismet to reduce spam. Creditors’ Committee unanimously confirms Dr. jur. DGAP-Media / 16.11.2020 / 21:10 . Jaffé took complete control by realizing the liens and taking over the majority of the shares. Whilst neither party have confirmed the €100 million price tag, FT sources suggests the deal sits around this value.FinTech Futures sources close to the matter have since also confirmed that this figure is correct.. Bloomberg sources say this figure is the minimum price tag insolvency lawyer Jaffé … If he should characterize him as an opponent, he thinks “more of a two-handed sword than a foil”. The cash burn rate at the time of filing for insolvency was enormous, so that urgent action is needed. However, in view of the enormous volume of data and payment transactions to be checked, the examination of any liability claims resulting from unauthorized actions or breaches of duty will take some time. The transaction was closed on January 28 despite "challenging circumstances," insolvency administrator Michael Jaffé said in a statement. As a first step, the court has commissioned the Munich lawyer Dr. Michael Jaffé as an official expert. When the investigators requested telephone surveillance against Roth in June 2018, they also relied on Jaffé’s findings on the target and actual stocks of the containers.