The Swiss Federal Council recently released a comprehensive report on the embedding of the Blockchain technology into the Swiss legal framework: This report shall guide the way to bringing the legal certainty for the Swiss Blockchain ecosystem to the next level.
The Swiss court in Zug, the Handelsblatt, Trado GmbH, Bloomberg and a shareholder of Envion AG have now confirmed that the bankruptcy court of Zug decided to liquidate Envion AG on 14 November 2018.
As already reported, the reason for initiating liquidation was that Envion AG did not appoint an auditor within the time limit set by the court. Envion AG therefore suffers from a so-called "lack of organs" which, according to Swiss law, leads to the liquidation of the company in the absence of remedy.
April 2018
121Newsletter No.
Although implementation period of Swiss contractual stay requirements ends, FINMA accepts partial conversion for a limited time under certain conditions: FINMA has announced on 21 March 2018 that for a limited period until 1 January 2019 for contracts with domestic and foreign banks and securities dealers and until 1 July 2019 for counterparties other than banks and securities dealers to accept if banks forego declaring a trade stop in order to achieve full compliance with the Swiss contractual stay requirements.
Insolvency and international cooperation in insolvency matters have been subject to recent developments, particularly in the European Union but also internationally, as mandated by the UNCITRAL. Switzerland however, did not participate in these modernization processes, except in the banking field. Switzerland has now adopted modern and competitive regulations, thereby unifying the entire applicable legislative system.
1 GENERALITIES
Article 149a of the Swiss Law on Debt Collection and Bankruptcy (SchKG) provides that claims based on a loss certificate become time-barred within 20 years after the date of its issuance. According to the transitional provisions, this time limit applies equally to loss certificates issued prior to the enactment of article 149a which came into force on 1 January 1997.1 Prior to that change in the law, claims based on loss certificates were not subject to prescription.
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Wenn ein Gläubiger einen Schuldner betreibt und der Schuldner keine (genügenden) Vermögenswerte hat, um die Forderung des Gläubigers zu decken, stellt das Betreibungsamt bzw. das Konkursamt einen Verlustschein aus, in welchem festgehalten wird, dass die Forderung bzw. ein Teil der Forderung ungedeckt geblieben ist.
Zu Unrecht erhobene Betreibungen können für Privatpersonen und Gesellschaften zu schweren Konsequenzen führen: Banken z.B. können aufgrund eines Eintrags im Betreibungsregister eine Finanzierung verweigern und Vermieter Personen als potentielle Mieter ablehnen. Mit der geplanten Änderung gewisser Bestimmungen des SchKG will der Bund die Situation für den unrechtmässig Betriebenen endlich erleichtern.
Shareholders’ Rights and Shareholders’ Meeting
The worst economic disaster since the great depression of 1929 took American and European banks by storm in 2008. The US, European countries and Russia, among others, had to step in to save some of their banks from bankruptcy. Even certain German banks, symbols of the country's strength and prosperity, were on the verge of collapsing. Against this backdrop, the purpose of this briefing is to provide a highlevel summary of the mechanisms in place to cope with the bankruptcy of a foreign bank in Switzerland.