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Wirecard files for insolvency after billions missing from accounts

Shortpedia

Content Team
Image Credit: shortpedia

Wirecard has decided to apply for insolvency at a Munich court due to impending insolvency and over-indebtedness. It also said it was evaluating whether to file for insolvency proceedings for its subsidiaries. The one-time German tech darling had been holding emergency talks with its banks. The Munich-based fintech has collapsed less than two years after it won admission to Germany's prestigious DAX blue-chip index.