Petroplus, the largest independent refiner and wholesaler of petroleum products in Europe entered into various insolvency proceedings in Switzerland, England and Wales, France, Germany and Belgium on 24-27 January 2012 after the group failed to reach agreement with its creditors to extend the deadline of its loan repayments.
Control to Serbian Creditors- the amendments to the Serbian Insolvency Act
The recent amendments to the Serbian Insolvency Act enacted 9 December 2018 have placed more control into creditors’ hands allowing them to suggest the insolvency administrator to be appointed, as well as providing less restrictive provisions on the proposers of reorganisation proposals.
Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings.[1] Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicated the conducting of such proceedings.
Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings. Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicates the conducting of such proceedings.
The Irish High Court recently, for the first time, recognised and gave effect to a Swiss law insolvency and restructuring process that had been commenced in Switzerland in respect of a Swiss company.
Yves Klein and Antonia Mottironi, Monfrini Bitton Klein – mbk.law
Proposed Swiss International Insolvency Law Reforms
In October 2015, the Swiss Federal Department of Justice and Police (Eidgenössisches Justiz- und Polizeidepartement) published a preliminary draft of reforms to title 11 of the Swiss Private International Law Act (“SPILA”), which governs insolvency proceedings and compensation proceedings (Articles 166–175 rev-SPILA), together with an explanatory report. The consultation procedure for the proposed reforms culminated on February 5, 2016.
En raison de la situation exceptionnelle liée à la pandémie du coronavirus, le Conseil fédéral a ordonné une suspension temporaire des poursuites. Cette suspension des poursuites aura effet du 19 mars 2020 au 4 avril 2020 et sera immédiatement suivie par les féries de poursuite qui durent du 5 avril au 19 avril 2020. Nous répondrons ci-dessous à quelques questions pratiques sur le droit des poursuites et faillites en temps de crise du coronavirus.
1. Que signifie « suspension des poursuites » ?