Noerr advises Wirecard insolvency administrator Michael Jaffé on sale of subsidiaries in Asia and Australia


With a team led by Katrin Andrä and Holger Alfes, Noerr has advised the insolvency administrator over the assets of Wirecard AG and Wirecard Sales International Holding GmbH, lawyer Dr Michael Jaffé from law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, on the sale of further Wirecard subsidiaries in Asia.

As result of an international bidding process, the British and Dutch technology investment firm Finch Capital is acquiring the shares in Wirecard e-Money Philippines, Inc., Wirecard Payment Solutions Malaysia Sdn. Bhd., Wirecard (Thailand) Co., Ltd. and Wirecard Payment Solutions Hong Kong Limited. The share purchase agreement signed last week also covers the sale of assets and licences in connection with the data warehouse of Wirecard Asia Holding Pte. Ltd. and Wirecard Singapore Pte. Ltd. This transaction saves the jobs of at least 110 employees at the various sites in Asia.

Apart from this, a Noerr team led by Andrea Zwarg and Holger Alfes advised on the sale of PT Wirecard Technologies Indonesia, which has around 360 employees at sites in Indonesia and Malaysia, to an Indonesian technology group. Prior to this, Wirecard Australia A&I Pty Ltd. was successfully sold to an Australian payment services provider.

All transactions are still subject to certain standard closing conditions.

Noerr acted as lead counsel and advised comprehensively on the transactions, which were structured under German law, thereby cooperating with local “best friends” in each case.


Insolvency administrator of Wirecard AG and Wirecard Sales International Holding GmbH, lawyer Dr Michael Jaffé (JAFFÉ Rechtsanwälte Insolvenzverwalter):

JAFFÉ Rechtsanwälte PartG mbB:

Dr Michael Schuster (Group Insolvency Law/International Insolvency Law), Dr Lothar Czaja (Insolvency)

Noerr Partnerschaftsgesellschaft mbB (lead counsel):

Dr Holger Alfes (Frankfurt), Katrin Andrä (Berlin), Dr Andrea Zwarg (Frankfurt, joint lead) Dr Till Kosche (Frankfurt), Dr Florian Becker (Munich, all Corporate/M&A), Professor Christian Pleister (Private Equity, Berlin/Frankfurt), Dr Dorothee Prosteder (Munich, Restructuring), Sebastian Diehl (London, Private Equity), Jana Baumann (Düsseldorf), John Jun (Berlin), Aleksandra Vujinovic (Frankfurt, all Corporate/M&A), Nils Wilfert (Berlin, Private Equity), Johannes Pfeiffer (Munich, Corporate/M&A)

Local counsel Hong Kong: Stephenson Harwood

Michelle Chung, Michael Mok

Local counsel Philippines: Cochingyan & Partners Law Offices

José Cochingyan III, Amiee Salamat

Local counsel Malaysia: Raja, Darryl & Loh

Tai Chu-Wei, Chong Mei Mei, Ng Sai Yeang, Prakash Selvam

Local counsel Thailand: Tilleke & Gibbins

Kobkit Thienpreecha, Nutavit Sirikan

Local counsel Indonesia: ABNR Counsellors at Law

Giffy Pardede, Emir Nurmansyah

PR team

Restructuring & Insolvency