Insolvency & Restructuring, Pestalozzi Attorneys at Law updates
Switzerland
Contributed by Pestalozzi Attorneys at LawNew rules for reorganising financially distressed companies
- Switzerland
- 12 April 2019
In June 2018 the House of Representatives narrowly voted to support a bill which proposes additional protection from claw-back actions for creditors which grant loans that are pre‑approved by an insolvency administrator. While the next steps in the legislative process are unclear, the House of Representatives will likely reopen the debate on this bill in its next session in Summer 2019.
Debt enforcement and bankruptcy law revisions enter into force
- Switzerland
- 18 January 2019
A number of revisions to the Private International Law Act and the Debt Enforcement Bankruptcy Act recently entered into force. The revisions aim to improve and facilitate the recognition and enforcement of foreign bankruptcy rulings and enhance protection against unjustified debt enforcement proceedings. Significantly, Swiss law now recognises foreign bankruptcies opened at the bankrupt's seat, registered office or centre of main interest.
