Stilli Park declares bankruptcy
Recent case law
Stilli Park declares bankruptcy
On June 2 2014 Stilli Park AG, the leaseholder of the Intercontinental Davos – a hotel with the singular shape of a golden egg – declared bankruptcy.
Introduction
Due to the prevalence of the territoriality principle in Swiss bankruptcy law, a foreign bankruptcy trustee's powers to act in Switzerland are limited. In general, a foreign trustee is not allowed to collect assets located in Switzerland, even if it is competent to act under the applicable foreign law. A foreign bankruptcy trustee may, in principle, only apply for recognition of the foreign bankruptcy decree and request protective measures.
GesKR 4 2014 536Entscheidbesprechungen déloyale et de faux dans les titres, ainsi que des griefs d’abus de confiance, banqueroute frauduleuse, diminution effective de l’actif au préjudice des créanciers et gestion fautive. Le Tribunal pénal de Zoug n’est, par ailleurs, pas entré en matière sur les prétentions civiles émises par les créanciers cessionnaires. A., de même que les créanciers cessionnaires ont interjeté recours contre le jugement de première instance auprès du Tribunal cantonal (Obergericht) de Zoug.
This decision is the latest development in the bitterly disputed enforcement case of a $932 million Swiss arbitration award confirmed by the United States District Court for the Southern District of New York in favor of a Dutch judgment creditor, Sonera Holding B.V. (“Sonera”), against a Turkish judgment debtor, Cukurova Holding A. (“Cukurova”).
This article tries to provide a brief overview of the problems which directors of a financially impaired company are facing under Swiss law.
The insolvency of Petroplus has increased the few debt moratorium cases by one and reminded us of its importance. Despite a comprehensive revision of the Swiss Debt Collection and Bankruptcy Act in 1997 there has been little change to the fundamental idea of bankruptcy law that both available options, namely bankruptcy and debt moratorium, lead mostly to the same result and that is: liquidation.
Despite a comprehensive revision of the Swiss Debt Collection and Bankruptcy Act ('DCBA') in 1997 there has been little change to the fundamental idea of bankruptcy law that both available options, namely bankruptcy1 and debt moratorium and composition agreement2 (together 'involuntary liquidation proceedings'), lead mostly to the same result and that is: liquidation.
Introduction
Facts
Decision
Comment
Introduction
Under Article 271(1)(6) of the Debt Enforcement and Bankruptcy Law, a creditor may apply for an order to freeze a debtor's assets on the basis of a final enforceable title.
The Zurich High Court,(1) as court of second instance, recently dismissed a liability claim, to the amount of €150 million, initiated by the liquidator of Swissair against former members of Swissair's board of directors.