“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.

https://www.wsj.com/articles/wirecard-files-for-insolvency-after-revealing-accounting-hole-11593075223