The question of which law is applicable to the insolvency of a party in an international commercial arbitration is a topical issue, particularly in the current financial crisis.Whether it be a desire to initiate arbitration; an arbitration that is already underway or where an award is to be enforced, the situation may arise where one party is, or will be, declared insolvent.

In decision 5A_375/2017, which is slated for official publication in the court reporter, the Swiss Supreme Court ruled for the first time that the statute of limitation for a claim evidenced by a certificate of shortfall is governed by the Swiss Debt Enforcement and Bankruptcy Law (DEBA), irrespective of whether foreign or Swiss substantive law is applicable to the original claim (i.e. the claim resulting from two arbitral awards rendered in Singapore) . This may allow the award creditor enforcing an arbitral award in Switzerland to benefit from a much longer limitation period.

Swiss Civil Procedure Law in a Nutshell (Volume 9 of 12)

This blog series provides litigators and corporate counsel from other jurisdictions with a practical understanding of the mechanics, advantages, and limits of litigation before State Courts in Switzerland.

No Class Actions

1. Applicable Law

1.1.1 On 1 January 2011 Switzerland faced the dawn of a new era in litigation. Due to its federal state structure, until this date civil procedural law was regulated on a cantonal level with 26 civil procedure codes. Since 1 January 2011, the Swiss Civil Procedure Code (CPC) replaces the cantonal codes.

1.1.2 Interim measures are mainly governed by the CPC. In order to determine whether provisions other than the CPC are (also) applicable to an interim measure, the applicant has to check two issues:   

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”).

Thailand introduced reforms to its bankruptcy laws in 1998 in the aftermath of the 1997 Asian financial crisis. Those reforms introduced business reorganisation provisions similar to the Chapter 11 provisions of the US Bankruptcy Code. Further amendments have been made to the Thai bankruptcy laws, which are now governed by the Bankruptcy Act BE 2483 (1940) as amended by the Bankruptcy Act (No. 7) BE 2547 (2004).

Coronavirus (Covid-19), Uyuşmazlık Çözümü

COVID-19 (korona virüs) salgın hastalığının ülkemizde yayılmasını önlemek amacıyla alınan tedbirler kapsamında; 22.03.2020 tarihli ve 31076 sayılı Resmî Gazete’de İcra ve İflas Takiplerinin Durdurulması Hakkında Cumhurbaşkanı Kararı (“Cumhurbaşkanı Kararı”) yayımlanmış ve yürürlüğe girmiştir.

Cumhurbaşkanı Kararı’nın 1. (birinci) maddesi ile;

Introduction

Turkey has, for the first time, introduced mediation as an alternative dispute resolution system in 2012. The Law on Mediation for Civil Disputes (“Law”) which was published in the Turkish Official Gazette on 22.06.2012 and came into force on 22.06.2013 mainly regulates the principles and procedures applicable in resolving civil disputes by mediation.

Conducting Business in Ukraine 2017 All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter.

На прошлой неделе Верховная рада приняла за основу законопроект №3555, которым внедряется специальная процедура добровольной финансовой реструктуризации корпоративных должников.