Mr Louis de Mestral

Louis de Mestral

Updates

Insolvency & Restructuring

Foreign liquidators' powers to collect assets located in Switzerland – first experiences under new legislation
Switzerland | 04 December 2020

In 2019 the Private International Law Act was revised with the aim of improving and facilitating the recognition and enforcement of foreign bankruptcy rulings. Foreign liquidators can now forgo the previously mandatory ancillary bankruptcy proceedings by filing a petition with the Swiss courts. Recent experiences have shown that the Swiss courts will normally grant such leave if they are satisfied that no privileged or secured creditors in Switzerland exist.