On 23 November 2016 the Federal Council presented a bill to modernise Swiss company law, including a reform of the corporate restructuring rules which sought to create incentives for financially distressed companies to take necessary actions at an early stage and thus avoid insolvency and bankruptcy proceedings.
What is it all about?
This article briefly describes the liquidation procedure of a company based on a voluntary winding up upon special resolution by its shareholders.
What do I have to do?
Shareholders resolution
Shareholders’ Rights and Shareholders’ Meeting
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.
Der Basler ZPO-Tag 2017 vom 3. November 2017 (Programm) befasste sich mit aktuellen praktischen Fragen und Neuerungen rund um die verschiedenen zivil-prozessrechtlichen Verfahren und die Vollstreckung. Für Gläubiger wie auch Schuldner sind insbesondere der Wegfall des Gefährdungserfordernisses beim Arrest gestützt auf Urteile sowie neue Tendenzen bei der Verjährungsunterbrechung durch Betreibung von Bedeutung.
The Swiss Federal Council presented to parliament its dispatch for a reform of Swiss corporate law. The draft Act amending the Swiss Code of Obligations (Draft Act) seeks to modernize corporate governance by strengthening shareholder rights and promoting gender equality on corporate boards and senior management. It also replaces the provisions of the (interim) Ordinance on Excessive Compensation (Minder-Ordinance) by a federal act of parliament with only a few changes.
A creditor of a debt in Switzerland can file a debt collection request against the debtor to enforce its claim. The debt collection proceedings will eventually lead to the seizure of the debtor's assets. If the enforcement proceedings are unsuccessful and the debtor's assets are insufficient to cover the creditor's claim, the debt collection authorities will issue a loss certificate confirming the part of the claim which was not covered by the proceeds.
Several new Swiss laws and amendments have entered into force as of January 1 2014. For firms doing business in Switzerland, changes in executive compensation regulation, in reorganisation proceedings and in respect to redundancy plans are among the most important ones.
The Minder initiative
In Switzerland, the preceding year was char- acterised by animated discussion on executive compensation which resulted in two mile- stone decisions on national constitutional ref-
Year in Review – Thai Law in 2016