Wirecard said on Thursday it was filing for insolvency after disclosing a $2.1 billion financial hole in its accounts, becoming the first sitting member of Germany’s blue-chip share index to go out of business. Shares were suspended by the Frankfurt Stock Exchange before the news. Wirecard said in a two-paragraph statement that its new management had decided to apply for insolvency at a Munich court “due to impending insolvency and over-indebtedness”.
