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The filing caps a spectacular unravelling that began a week ago with Wirecard’s admission that €1.9b of cash was missing and on Monday saw Markus Braun, its former chief executive, arrested on suspicion of false accounting and market manipulation before being released on bail pending enquiries.
“The management board has come to the conclusion that a positive going concern forecast cannot be made in the short time available,” it said, adding that it would try to go through a reorganization once an insolvency administrator is appointed by the court. Under German insolvency law, a court will appoint an administrator who will look into the company and decide whether it can be restructured as a viable business or should be liquidated. In the meantime, the company is protected from creditors.
