On 1 January 2019, the revised Section of the Swiss Private International Law Act (PILA) regarding cross-border insolvencies entered into force. The revision became necessary as the previous regulation was criticised in particular for its protectionist elements, which also were a recurring topic in discussions with foreign colleagues and insolvency practitioners. Particularly compared to other European countries, Switzerland had apparent modernisation potential.
The major points for discussion in recent years were:
- How can insolvency practitioners of foreign main proceedings access the debtor’s assets in Switzerland?
- How can they pursue claims against debtors in Switzerland?
- How can assets be transferred to the estate of foreign main proceedings?
We have prepared a PDF for you which gives an overview of the basics of the new international insolvency law in Switzerland. Our PDF is structured in the following points:
- Recognition requirements
- Recognition and ancillary insolvency proceedings
- Claw back claims
- Critical appraisal
Click here to download the PDF.