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)
Der Konkurs der weltweit siebtgrössten Containerreederei Hanjin erschüttert gegenwärtig den Welthandel. Es wird angenommen, dass Güter im Wert von ca. USD 14 Milliarden auf den Schiffen dieser Reederei blockiert sind bzw. blockiert waren. Die Bemühungen um eine Freigabe dieser Waren laufen, doch stellen sich dabei erhebliche Probleme.
The insolvency of the container shipping company Hanijn freezes cargo on vessels and ports in amount of USD 14 Billions. Worldwide, all concerned parties try to defreeze their cargo and face complex legal problems.
Swiss companies must now analyse the implications of these problems in Switzerland which can be outlined as follows (see in detail Raphael Brunner, KOLT-Newsletter, in German):
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.
The debt restructuring proceedings of former national carrier Swissair are still ongoing and keeping the courts busy.
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.
GesKR 4 2014 536Entscheidbesprechungen déloyale et de faux dans les titres, ainsi que des griefs d’abus de confiance, banqueroute frauduleuse, diminution effective de l’actif au préjudice des créanciers et gestion fautive. Le Tribunal pénal de Zoug n’est, par ailleurs, pas entré en matière sur les prétentions civiles émises par les créanciers cessionnaires. A., de même que les créanciers cessionnaires ont interjeté recours contre le jugement de première instance auprès du Tribunal cantonal (Obergericht) de Zoug.
This decision is the latest development in the bitterly disputed enforcement case of a $932 million Swiss arbitration award confirmed by the United States District Court for the Southern District of New York in favor of a Dutch judgment creditor, Sonera Holding B.V. (“Sonera”), against a Turkish judgment debtor, Cukurova Holding A. (“Cukurova”).