Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings.[1] Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicated the conducting of such proceedings.
Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings. Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicates the conducting of such proceedings.
The Irish High Court recently, for the first time, recognised and gave effect to a Swiss law insolvency and restructuring process that had been commenced in Switzerland in respect of a Swiss company.
Yves Klein and Antonia Mottironi, Monfrini Bitton Klein – mbk.law
Proposed Swiss International Insolvency Law Reforms
In October 2015, the Swiss Federal Department of Justice and Police (Eidgenössisches Justiz- und Polizeidepartement) published a preliminary draft of reforms to title 11 of the Swiss Private International Law Act (“SPILA”), which governs insolvency proceedings and compensation proceedings (Articles 166–175 rev-SPILA), together with an explanatory report. The consultation procedure for the proposed reforms culminated on February 5, 2016.
Key takeaways:
Key Takeaways:
In view of the extraordinary situation with regard to the corona pandemic, the Federal Council has ordered a temporary stay of debt enforcement. This stay of enforcement is valid from 19 March 2020 until 4 April 2020, and will be immediately followed by the statutory enforcement holidays, which last from 5 April until 19 April 2020. Below, we will answer some practical questions on debt enforcement and bankruptcy law in times of the corona crisis.