Luc Defferrard and Tervel Stoyanov, Walder Wyss Ltd

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Restructuring a Multinational Corporation to Optimize Profitability and Efficiency A Case Study By Owen D. Kurtin Kurtin PLLC, New York, NY 2022 Revised Edition T:212.554.3373|E: [email protected] | W:kurtinlaw.com 2 The TO Project A few years ago, I was asked to serve as lead outside legal counsel to a U.S.-basedpublic corporationinanindustrialbusiness sector withoperations in over thirty countries in the reorganization of its global corporate structure and operations.

Pre-packs, known as an effective restructuring measure from other jurisdictions, are also permissible in Switzerland.

What is a pre-pack?

Seit dem 1. Januar 2019 haben Schuldner bei Vorliegen bestimmter Voraussetzungen die Möglichkeit, mittels eines Gesuchs zu verlangen, dass eine ungerechtfertigte Betreibung auf dem Betreibungsregisterauszug nicht ersichtlich ist. In der Zwischenzeit hat das Bundesgericht erste Entscheide gefällt, welche die die Tragweite der seit 2019 in Kraft stehenden Bestimmung präzisiert.

Ob verwahrte kryptobasierte Vermögenswerte bereits mit Hilfe von Art. 242 SchKG ausgesondert werden konnten, war in der Lehre bisher umstritten. Am 1. August 2021 ist nun Art. 242a SchKG in Kraft getreten, der Klarheit bei der Aussonderung kryptobasierter Vermögenswerte schafft.

Neu wird zudem mit Art. 242b SchKG ein gesetzlicher Anspruch für den Zugang zu Daten geschaffen, die sich in Gewahrsam der Konkursmasse befinden. Damit wurde ein weitgehend unbestrittenes Anliegen ins SchKG aufgenommen.

This presentation discusses the conditions to be met by a creditor who wishes to sequester assets held in Switzerland by a debtor who is not domiciled in that country.

‍Introduction

Dieses Legal Update ist Teil einer Reihe, mit welcher die für Praktiker relevanten Änderungen zum Aktienrecht in kondensierter Form dargestellt werden. Bereits publizierte Legal Updates finden Sie auf unserer Website unter Aktienrechtsrevision 2020. Neue Legal Updates zum Thema Aktienrechtsreform werden regelmässig an unsere Newsletter-Subscriber verschickt und auf unserer Website publiziert.

Übersicht

A recent decision of the Swiss Federal Supreme Court clarified the question whether a Swiss ancillary bankruptcy estate has standing to contest a schedule of claims of a bankrupt Swiss third-party debtor if the foreign bankruptcy estate filed the respective claims directly and regardless of the recognition of the foreign bankruptcy decree. In essence, the Swiss Federal Supreme Court denied the standing of the ancillary bankruptcy estate as it may in such cases not be considered a creditor of the respective claims.

In Decision 5A_910/2019, the Swiss Supreme Court considered that an award rendered in a foreign arbitration may be recognised and enforced in Switzerland, even if the award was rendered after a party went bankrupt. The subject matter of the arbitration does not become non-arbitrable following a party's bankruptcy, if the arbitration was initiated before bankruptcy.

In a recently published decision, the Swiss Supreme Court dismissed an appeal against a lower court judgment recognising and enforcing an LCIA award.

Key takeaways

The revision of the Insurance Supervision Act (ISA) includes new provisions regarding the restructuring framework for insurance companies. Most recently on 3 May 2021, the draft ISA proposed by the government in October 2020 took a first hurdle in parliament. As one of two parliament chambers, the National Council (Nationalrat) discussed and adopted, among other changes, a new set of rules regarding the restructuring of insurance companies that are in financial distress.