1.1 Are there international treaties and/or cross-border instruments applicable?
The restructuring Q&A provides a comprehensive overview of some of the key points of law and practice of restructuring in Switzerland.
1.1 What formal insolvency proceedings are available in Switzerland?
On October 14, 2022, the U.S.
On 14 June 2022, the Hong Kong Court of Final Appeal (the “CFA”) handed down a long-awaited and landmark judgement in Shandong Chenming Paper Holdings Limited v Arjowiggins HKK 2 Limited[2022] HKCFA 11, which would have significant implications to companies incorporated in offshore jurisdictions but listed in Hong Kong.
The Delaware Court of Chancery took the old maxim “justice delayed is justice denied” to heart recently when it denied a request for a stay of proceedings hours after the request had been filed. The ruling from Vice Chancellor Paul A. Fioravanti, Jr. in In re Kidbox.com, Inc., Case No. 2022-0379-PAF, is the latest in a series of rulings from the Delaware Court of Chancery requiring litigants in bankruptcy-alternative proceedings in Delaware to support their petitions for relief with sufficient disclosures and to avoid bare-boned pleadings.
A foreign bankruptcy or insolvency decree has no effects on the debtor’s Swiss assets and on court proceedings against the debtor in Switzerland and a foreign bankruptcy administrator must not act on Swiss soil unless the foreign decree is formally recognized by a Swiss court. Such recognition may be initiated by the foreign bankruptcy administration, any creditor or the debtor itself. This three-step guide describes how a foreign bankruptcy decree can be recognized in Switzerland.
Yesterday, the European Court of Justice (ECJ) published its long-awaited judgment in Heiploeg/FNV. The ECJ rules that a pre-pack under circumstances can fall within the exception as mentioned in Article 5 (1) Directive 2001/23.
Introduction to the pre-pack
Energy prices have soared over the last few months. Although this evolution has impacted all economic operators, energy-intensive companies are particularly affected. The Belgian legislator has therefore introduced a set of protection measures, including amongst others a so-called “temporary moratorium”. This moratorium provides amongst others protection against bankruptcy and judicial dissolution as well as against attachments on movable assets for energy debts.
In the recent case of Re Joint and Several Liquidators of Ozner Water International Holding Ltd 浩澤淨水國際控股有限公司 (In Liquidation) [2022] HKCU 940, the Hong Kong Court of First Instance (Hong Kong Court) granted an application by the liquidators (Liquidators) of Ozner Water International Holding Ltd. (Company) for a letter of request for recognition and assistance (Letter of Request) to be issued to the Shenzhen Intermediate People’s Court (Shenzhen Court).
In the landmark decision in case (2021)粤03认港破1号(2021) Yue 03 Ren Gang Po No. 1 (Shenzhen Court Decision), the Shenzhen Intermediate People’s Court (Shenzhen Court) ordered formal recognition in Mainland China of liquidators appointed by the Hong Kong Court of First Instance (Hong Kong Court) over Samson Paper Company Limited (Company) to permit the liquidators to exercise powers over the Company’s assets located in Mainland China.