Investor found for Wirecard Retail Services GmbH
More than two weeks after the launch of insolvency proceedings against Wirecard Retail Services GmbH (WDRS), the insolvency administrator has managed to find an investor for the firm.
Unzer POS GmbH, an innovative platform for international payment transactions, will take over business operations and employees at the Aschheim location of Wirecard Retail Services. The transaction is with retroactive effect from October 1st, 2020.
Unzer is thus further expanding its market share in the PoS and payment terminal business in Germany.
There are around 20 employees at the Aschheim location. They currently service over 3,600 customers, mainly in the retail sector in Germany, to whom WDRS has provided a total of almost 7,000 card terminals for processing card payments at PoS. In the course of the insolvency of Wirecard AG, WDRS had to file for insolvency on July 8, 2020. Since then, the insolvency administrator had continued business operations and carried out a structured process for investor search in parallel.
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 Rechtsanwälte as insolvency administrator. As a result, the power of disposal over the assets of the insolvent companies was transferred to the insolvency administrator.
This also marked the end of the insolvency payment period meaning Wirecard AG and the other insolvent companies will have to generate and pay their own wages and salaries again from this date. At the time of filing for insolvency at the end of June 2020, no liquidity was available for this purpose. Under the preliminary insolvency administration, it has since been possible to stabilize the ongoing business and create a basis for its continuation.