The rapid spread of coronavirus disease 2019 (Covid-19) is a public health challenge that has affected more than 200,000 individuals globally. We are finding from our clients that many business continuity plans are not robust enough to help businesses manage the growing and evolving global nature of the outbreak and its potential disruption, both in the short and long terms.
On Friday, the Executive Commission of the Bank of Spain appointed the Fund for Orderly Bank Restructuring (FROB) as interim administrator of Roman Catholic Church-controlled savings bank Caja de Ahorros y Monte de Piedad de Córdoba (CajaSur).
On Tuesday, the Bank of Spain released details regarding the status of the restructuring of the Spanish savings bank sector, in what it called “the biggest overhaul of the Spanish banking sector in recent history.” The Bank also provided details regarding funding for bank restructurings supplied by the Fund for the Orderly Restructuring of the Banking Sector (FROB),
In a recent case (T 5911-15) the Supreme Court clarified how to interpret joint and several liability when the creditor settles with one of the debtors and simultaneously releases that party from any future claims.
The general view in Switzerland is that cryptocurrencies are intangible assets sui generis and as such can be subject to regular debt enforcement and insolvency proceedings in Switzerland (provided that these cryptocurrencies have a financial value).
This article highlights the particularities to be considered when cryptocurrencies are the target of an attachment procedure (ie, a freezing order) in Switzerland.
Attachment
The following must be established to obtain an attachment in Switzerland:
At the press conference of Friday, 20 March 2020, the Federal Council informed on an additional package of measures to cushion the economic consequences of the spread of the coronavirus (COVID-19).
In order to remedy liquidity bottlenecks that continue to exist despite short-time working compensation at companies affected by the forced closure and demand shortages, the Federal Council announced additional support measures.
In addition to:
In der Pressekonferenz von Freitag, 20. März 2020, informierte der Bundesrat über ein zusätzliches Massnahmenpaket zur Abfederung der wirtschaftlichen Folgen der Ausbreitung des Coronavirus (COVID-19).
Zur Abhilfe von Liquiditätsengpässen, die trotz Kurzarbeitsentschädigung bei von der Schliessung sowie von Nachfragerückgängen betroffenen Unternehmen weiterhin bestehen, hat der Bundesrat heute zusätzliche Unterstützungsmassnahmen beschlossen.
So soll nebst:
On 8 March 2019 the consultation on the partial revision of the banking act was initiated by the Federal Council. The amendments have an impact on bank restructurings, deposit insurance and intermediated securities. The consultation period will close on 14 June 2019.
Insolvency and restructuring measures