Introduction
Facts
Decision
Comment

Introduction

Stilli Park declares bankruptcy
Recent case law

Stilli Park declares bankruptcy

On June 2 2014 Stilli Park AG, the leaseholder of the Intercontinental Davos – a hotel with the singular shape of a golden egg – declared bankruptcy.

Introduction

Due to the prevalence of the territoriality principle in Swiss bankruptcy law, a foreign bankruptcy trustee's powers to act in Switzerland are limited. In general, a foreign trustee is not allowed to collect assets located in Switzerland, even if it is competent to act under the applicable foreign law. A foreign bankruptcy trustee may, in principle, only apply for recognition of the foreign bankruptcy decree and request protective measures.

Introduction
Facts
Supreme Court decision
Comment

Introduction

The standard debt enforcement process

What are the options for companies in financial difficulty in Taiwan?

If the company is listed on the Taiwan stock exchange, then the company may pursue a formal reorganisation as set forth under Article 282 of the Company Act.  

If a listed company (as referred to above) is unable to pursue reorganisation, and in respect of all other companies, a company will enter into a formal bankruptcy procedure under the Bankruptcy Act in order to implement an equitable and orderly repayment scheme amongst its creditors.  

Introduction
Crucial points of revision
Harmonisation of restructuring law
Restructuring law in financial sector
Outlook

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).

A person’s debts do not come to an end just because he or she has died. After the debtor has passed away, the creditor is entitled to seek repayment of the debt from the debtor’s estate. Some debtors have life insurance under which the insurer will pay compensation to the beneficiaries stated in the policy, the debtor’s heirs where no beneficiaries are specified in the policy and, in certain cases, the debtor’s creditors. Under the Civil and Commercial Code of Thailand, creditors are entitled to be repaid from insurance benefits in three specific circumstances, as detailed below.

Thailand is no stranger to tumultuous events, be it unrest in the Deep South, widespread flooding, economic slowdowns in trading partners, domestic protests, exchange rate instability, global economic crises, or flailing tourism.