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
Anfechtungsklagen – Worum geht es?
Schuldner können versucht sein, Vermögenswerte dem Zugriff durch eine mögliche Zwangsvollstreckung zu entziehen. Die Anfechtungsklage (auch "Pauliana" genannt) gibt der Konkursverwaltung, und unter bestimmten Voraussetzungen den Gläubigern, die Möglichkeit, solche Rechtshandlungen des Schuldners anzufechten. Bei Gutheissung der Klagen werden die Vermögenswerte der Zwangsvollstreckung zugeführt.
Avoidance Actions – What are they?
Debtors may be tempted to protect assets from access by a possible foreclosure. The avoidance action (also called "Pauliana") gives the bankruptcy administration, and under certain conditions the creditors, the opportunity to challenge such legal acts of the debtor. Upon approval of the actions, the assets will be foreclosed.
On 16 March 2018, the Swiss Parliament adopted the revision of the international insolvency provisions of the Swiss Private International Law Act ("PILA"). Such revision particularly aims at simplifying the recognition of foreign insolvency proceedings in Switzerland which shall lead to a reduction of costs and improved efficiency. The revised PILA is now subject to an optional referendum.
Introduction
Since January 22 2015 the Swiss National Bank has charged a negative interest rate (currently 0.75%) for sight deposit account balances that Swiss banks hold with the Swiss National Bank, provided that the sight deposit account balance exceeds a given exemption threshold.(1)
On October 14 2015 the Federal Council published a revision project for the Private International Law Act regarding the recognition and coordination of foreign bankruptcy proceedings in Switzerland.
A foreign insolvency decree can be recognised in Switzerland, at request of the foreign liquidator or a creditor, only if:
The standard debt enforcement process
Continuing with our focus on the issues surrounding insolvency and restructuring, Lawyer Monthly speaks to Daniel Hayek, a member of the management committee of Prager Dreifuss Ltd. Prager Dreifuss is an integrated law firm in Switzerland with a strong international focus, some 40 lawyers, and offices in Zurich, Berne and Brussels.