27 July 2017
How secure are my bank account balances if the bank declares bankruptcy?
If bankruptcy proceedings are opened against a Swiss bank or a Swiss securities dealer (hereinafter collectively referred to as "Bank"), deposits by natural and legal persons, up to a maximum amount of CHF 100,000 per person and Bank, are treated as privileged. The privilege covers deposits denominated in the name of the Bank customer, including medium term bonds deposited with the Bank in the name of the Bank customer. This includes, in particular, deposits from Bank customers on private, savings, investment, and current accounts. The privilege is linked to the claim and thus applies irrespective of the nationality or the domicile of the Bank customer. It applies to deposits at both Swiss and foreign branches of the Bank.
29 June 2017
Improved protection from unjustified debt enforcement
The Debt Enforcement and Bankruptcy Act (DEBA) regulates the procedure by which a person in Switzerland is able to recover money from his/her debtors by means of governmental enforcement. In Switzerland, it is relatively easy to initiate a debt enforcement procedure compared to other legal systems. When a debt enforcement procedure is initiated against a person, an automatic entry is made against him/her in the debt enforcement register, which is also visible to third persons for up to five years after completion of the procedure. This can have negative consequences for him/her. The planned amendments to the DEBA are intended to provide a remedy.Read more
23 May 2017
Why should I care about Brexit?
At the IBA Litigation Conference in Zurich at the beginning of this month, one session was dedicated to the impact of Brexit to the statutory landscape relevant for litigators. Many litigators will have thought before that session: Why should I care about Brexit? The answer came quickly and clearly. Brexit will have negative consequences on the allocation of jurisdiction between States and the recognition and enforcement of judgments.Read more