A host of top firms including Noerr, Clifford Chance, Allen & Overy and Gibson Dunn & Crutcher are advising as scandal-plagued German payments provider Wirecard files for insolvency, according to people close to the matter. 

In a cascading series of events, the once buoyant fintech Wirecard has been hit by a scandal that earlier this week saw its chief executive officer, Markus Braun, arrested, as the firm’s truncated leadership tried, in vain, to save the company.