If bankruptcy proceedings are commenced against a debtor or if a debtor enters into a court-approved composition agreement with an assignment of all of its assets, transactions executed by the debtor during the last five years are subject to scrutiny.
The purpose of claw back claims is to recover assets extracted from or given away by an insolvent debtor for the benefit of its insolvency estate and ultimately its creditors. Transactions may be subject to claw back actions if:
The events in the last few years have had significant and lasting impacts on business in general and restructuring in particular, with the latter referring to the various options available for firms experiencing difficulties. European economies, hit by both the upheavals caused by the health crisis and geopolitical tensions, have also been a
Global political crises, volatile interests, inflation and supply chain issues challenge many companies. In this blog series, VISCHER's restructuring & insolvency team will show how companies can navigate through these challenges. Here you will find answers to the most important questions regarding the duties of a director of a Swiss subsidiary.
1. What is the group dilemma and what interests must a Swiss subsidiary's board safeguard?
In this blog article, we present the most important legal amendments in relation to the newly adopted Federal Act on Combating Abusive Bankruptcy.
In March 2022, the Swiss Parliament adopted the Federal Act on Combating Abusive Bankruptcy with the aim of preventing debtors from using bankruptcy proceedings to escape from their financial obligations to the detriment of their creditors or to engage in unfair competition with other companies. For this purpose, various laws and ordinances will be amended and the new law is expected to come into force on January 1, 2024.
Luc Defferrard and Tervel Stoyanov, Walder Wyss Ltd
This is an extract from the 2023 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
On March 19, 2023, it was announced that UBS plans to acquire Credit Suisse in an allshares transaction, valuing Credit Suisse at CHF 0.76 per share / CHF 3 billion. The Swiss Federal Council, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank expressed their support for the transaction. The transaction is expected to close in Q2/23 following approvals by relevant authorities. AT1 capital instruments issued by Credit Suisse of appr. CHF 16 billion in aggregate have been written-down in full.
Introduction
Das Bundesgesetz über die Bekämpfung des missbräuchlichen Konkurses bringt neben Anpassungen im Schuldbetreibungs- und Konkursgesetz (SchKG) sowie dem Strafgesetzbuch (StGB) auch wichtige Änderungen im Obligationenrecht (OR) und in der Handelsregisterverordnung (HRegV). Dadurch sollen die Hürden für die Befreiung von Schulden zum Nachteil der Gläubiger künftig erhöht werden. Die Gesetzes- und Verordnungsänderungen werden voraussichtlich im Januar 2024 in Kraft treten.
Ausgangslage
À côté des adaptations à la Loi fédérale sur la poursuite pour dettes et faillite (LP) et au Code pénal (CP), la Loi fédérale sur la lutte contre l'usage abusif de la faillite entraîne d'importantes modifications du Code des obligations (CO) et de l'Ordonnance sur le registre du commerce (ORC). Elle vise ainsi à augmenter les obstacles à la libération des dettes au préjudice des créanciers. Les modifications de la loi et des ordonnances devraient entrer en vigueur en janvier 2024.
Situation actuelle
In addition to amendments to the Debt Enforcement and Bankruptcy Act (DEBA) and the Criminal Code (SCC), the Federal Act on Combating Abusive Bankruptcy also brings important changes to the Code of Obligations (CO) and the Commercial Register Ordinance (CRO). The new Act aims at increasing the hurdles for a company to release its debts to the detriment of its creditors. The amendments to the law and ordinances are expected to enter into force in January 2024.
Background
Die Aktienrechtsrevision brachte per 1. Januar 2023 auch verschiedene Neuerungen im Sanierungsrecht mit sich. Das Sanierungsrecht wurde dabei in gewissen Teilen präzisiert und neue Handlungspflichten wurden für den Verwaltungsrat eingeführt.