Insolvency & Restructuring, Pestalozzi Attorneys at Law updates
Switzerland
Contributed by Pestalozzi Attorneys at LawForeign liquidators' powers to collect assets located in Switzerland – first experiences under new legislation
- Switzerland
- 04 December 2020
In 2019 the Private International Law Act was revised with the aim of improving and facilitating the recognition and enforcement of foreign bankruptcy rulings. Foreign liquidators can now forgo the previously mandatory ancillary bankruptcy proceedings by filing a petition with the Swiss courts. Recent experiences have shown that the Swiss courts will normally grant such leave if they are satisfied that no privileged or secured creditors in Switzerland exist.
Opening bankruptcy proceedings during COVID-19 pandemic
- Switzerland
- 11 September 2020
Company boards of directors have a duty to continuously monitor the company's financial situation and take certain measures if it gets into financial difficulties. Given the extraordinary circumstances caused by the COVID-19 pandemic, the government has temporarily suspended their duty to notify the bankruptcy court in the event of imminent overindebtedness where there is a possibility that this situation can be remedied after the crisis.
Moratoria during COVID-19 pandemic – an overview
- Switzerland
- 19 June 2020
Originally, unlike in other jurisdictions, the purpose of a moratorium in Switzerland was not necessarily to continue doing business, but rather to find a better way to liquidate a company; however, this has changed as a result of the COVID-19 crisis. There is now another type of moratorium under Swiss law (although probably only until 20 October 2020), which is intended to promote restructuring.
Obtaining attachment on cryptocurrencies in Switzerland
- Switzerland
- 13 March 2020
The general view in Switzerland is that cryptocurrencies are intangible assets sui generis and as such can be subject to regular debt enforcement and insolvency proceedings in Switzerland (provided that these cryptocurrencies have a financial value). This article highlights the particularities to be considered when cryptocurrencies are the target of an attachment procedure (ie, a freezing order) in Switzerland.
Legal qualification of cryptocurrencies under Swiss insolvency law
- Switzerland
- 01 November 2019
The recent insolvency of German-Swiss cryptocurrency mining venture Envion AG inevitably begs the question of how cryptocurrencies should be treated in debt enforcement and insolvency proceedings. Further, the fact that cryptocurrencies have a number of particularities which distinguish them from other asset categories raises numerous questions relating to (for example) the seizure, attachment and liquidation of cryptocurrencies from a Swiss insolvency law perspective.
