Introduction

Switzerland is home to one of the world's largest cryptocurrency ecosystems, the so-called 'Crypto Valley' in the city of Zug. However, with cryptocurrencies growing in popularity, problems are inevitable.

As Switzerland maintains a quite strict legal regime governing the director’s liability, it is immanent for each person holding a board function to know the rules and risks as well the legal consequences in this respect. During the last couple of years Switzerland has introduced various new rules influencing the director’s liability (new transparency rules for management compensations in listed companies, a comprehensive revision of the audit legislation and new statutory rules governing financial accounting), which are mainly applicable for listed companies.

Introduction

Kommt ein Schuldner seinen Verpflichtungen nicht nach, so muss der Gläubiger ein Zwangsvollstreckungsverfahren in die Wege leiten. Dies geschieht in der Regel mit der Einreichung eines Betreibungsbegehrens beim zuständigen Betreibungs- und Konkursamt. Obschon das Stellen eines Betreibungsbegehrens trivial erscheint, führt dies in der Praxis immer wieder zu Rechtsstreitigkeiten, im Rahmen welcher ein - gestützt auf ein fehlerhaft formuliertes Betreibungsbegehren erlassener - Zahlungsbefehl aufgehoben oder gar dessen Nichtigkeit festgestellt wird.

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.

Attachment

The following must be established to obtain an attachment in Switzerland:

Die neue Verordnung kurz zusammengefasst:

At the press conference of Friday, 20 March 2020, the Federal Council informed on an additional package of measures to cushion the economic consequences of the spread of the coronavirus (COVID-19).

In order to remedy liquidity bottlenecks that continue to exist despite short-time working compensation at companies affected by the forced closure and demand shortages, the Federal Council announced additional support measures.

In addition to:

In der Pressekonferenz von Freitag, 20. März 2020, informierte der Bundesrat über ein zusätzliches Massnahmenpaket zur Abfederung der wirtschaftlichen Folgen der Ausbreitung des Coronavirus (COVID-19).

Zur Abhilfe von Liquiditätsengpässen, die trotz Kurzarbeitsentschädigung bei von der Schliessung sowie von Nachfragerückgängen betroffenen Unternehmen weiterhin bestehen, hat der Bundesrat heute zusätzliche Unterstützungsmassnahmen beschlossen.

So soll nebst:

The tax treatment of financial restructuring measures can significantly impact a company’s financial position.

Introduction

On 23 November 2016 the Federal Council presented a bill to modernise Swiss company law, including a reform of the corporate restructuring rules which sought to create incentives for financially distressed companies to take necessary actions at an early stage and thus avoid insolvency and bankruptcy proceedings.