23 May 2018
Modernised Swiss regime for cross-border insolvencies
Cross-border insolvencies are often complicated and time-consuming. In the regulated financial sector, significant efforts have already been made in Switzerland and internationally to streamline these processes and to facilitate cooperation between the relevant authorities across jurisdictions. Forthcoming changes to the Swiss Law on Private International Law (PILA) seek to modernise the general regime applicable in Switzerland to cross-border insolvencies outside of the regulated financial sector. The revised rules are expected to enter into force at some point in 2019.
20 March 2018
I don't agree with the schedule of claims – what now?
Schedule of claims – What is it all about?
Once bankruptcy proceedings have been opened over a debtor, the bankruptcy administration must prepare an inventory to determine the extent of the bankruptcy estate. By means of public notice, the creditors and debtors of the bankrupt are requested to come forward (so-called call for claims). Within one month, the creditors must file their claims or other demands against the bankrupt with the bankruptcy administration. Subsequently, the bankruptcy administration draws up a list of claims.
The bankruptcy administration checks the registered claims and decides whether it recognizes them and, if so, in what amount and rank. Based on these decisions, it draws up the schedule of claims. It is a schedule showing the order in which the claims of the various creditors should be satisfied. The rejected demands are also marked on the schedule of claims, together with the reason for the rejection.
15 February 2018
Piercing the corporate veil in debt enforcement
Can a creditor, for the purposes of enforcement against the debtor company, access the assets of the individual shareholders? Can the real estate owned by a family foundation be seized, or property owned by the foundation be utilised, against the founder's debts for the enforcement of tax debts of a founder? These and other questions arise in the context of the so-called "piercing of the corporate veil".