Baker McKenzie Switzerland AG‘s large team offers the full range of restructuring and insolvency guidance. The international reach of the department, and its aptitude for complex financial restructurings, make it a popular choice for major clients such as UBS and Credit Suisse. The department also provides advice to financial creditors regarding all questions relating to the COVID-19 emergency measures of the Swiss Government. Lukas Glanzmann, who is well known as an advisor for financial creditors in complex restructurings, co-leads the department with Alexander Fischer, who specialises in distressed M&A transactions. Markus Wolf made partner in July 2022, and regularly acts for Swiss and foreign creditors and debtors.
Insolvency and corporate recovery in Switzerland
Baker McKenzie Switzerland AG
Key clients
UBS Switzerland AG
Credit Suisse (Switzerland) Ltd.
Coöperatieve Rabobank U.A.
PayPal
Work highlights
- Advising all major Swiss banks (including UBS and Credit Suisse) in respect to COVID-19 loans and the associated restrictions on borrowers – particularly in a restructuring context.
- Acted as sole legal advisor to UBS Switzerland AG and Credit Suisse (Switzerland) Ltd. as mandated lead arrangers and coordinators, UBS Switzerland AG as agent and security agent, as well as a syndicate of banks, in a CHF1.5bn Government-backed rescue financing for Swiss International Air Lines AG and Edelweiss Air AG.
- Advising Credit Suisse (Switzerland) Ltd., as well as a syndicate of banks, in connection with a CHF 145,000,000 and CHF 120,000,000 rescue credit financing for SR Technics Switzerland AG.
Schellenberg Wittmer Ltd
Schellenberg Wittmer Ltd has a strong reputation for its participation in large-scale, high level restructurings and insolvencies. The department handle the full range of matters, including distressed M&A, distressed refinancing, enforcement of pledges, and advising distressed businesses and their creditors. Counsel Vincent Jeanneret, who has more than thirty years’ experience in the practice area, has expertise in major insolvency cases, as well as criminal law and contentious banking matters. Jeanneret co-leads the group with distressed refinancing expert, Olivier Hari, and commercial disputes specialist, Urs Hoffmann-Nowotny. Louis Burrus, who is dual-qualified in Switzerland and England and Wales, is also a key name.
Testimonials
‘Good law firm, wide offering, quality of team with high variability.’
‘Very specific knowledge.’
Key clients
A Creditor of Privatair
Alevo Group SA and Alevo International, in liquidation, creditors’ committee appointment
Three foundations in Assura group of companies – Federal Department of Home Affairs – The Federal Supervisory Board for Foundations
EP Electricité
Fondation Hypotheka
G. Holtz (trustee of Geertsema bankruptcy)
Gilbert Albert employees’ pension plan – Cantonal Department of Finance – The Cantonal Supervisory Board for Foundations
Liquidators of Joannou & Paraskevaides (Overseas) Limited
Petroplus – Neuchâtel Court of First Instance
Mr. Reto Stöcklin (bankruptcy)
Several creditors of Ethical Coffee Company Ltd and Ethical Coffee Company (Switzerland)
Supra Assurances SA – Swiss Financial Market Supervisory Authority FINMA
Stigma Partners SA
Zenith Vie, Life insurance
Work highlights
- Appointed by the Tribunal du Littoral et du Val-de-Travers (Neuchatel) as an official administrator of Petroplus Refining Cressier SA, following the global collapse of the group.
- Representing joint administrators of a Bahamas company in an application for recognition of the foreign insolvency decree to recover assets located in Switzerland.
- Advised the client on two Swiss distressed businesses, Alevo Group and Alevo International. This case involved a forced fire sale of two distressed businesses and negotiation with the Court, the official administrator in charge of the sale, and foreign administrators as well (Germany, USA).
Wenger Plattner
Wenger Plattner‘s ‘market leading’ team has expertise both in advising debtors and creditors, and in acting as administrator/bankruptcy trustee. The group handles both in- and out-of-court restructurings, with a track record of handling highly complex and international matters. Brigitte Umbach-Spahn, an international thought leader on matters of insolvency law, leads the department, which includes Fritz Rothenbühler, who has expertise in R&I, corporate and competition, and of counsel Karl Wüthrich. Stephan Kesselbach represents national and international clients before administrative authorities, while counsel Stefan Bossart handles regulatory investigations. Pablo Duc is also a key name, with significant experience acting as a trustee/liquidator, and as a private bankruptcy administrator.
Other key lawyers:
Fritz Rothenbühler; Karl Wüthrich; Pablo Duc; Stefan Bossart; Denise Jagmetti-Huser
Testimonials
‘Technical excellence. Very personal service.’
‘Brigitte Umbach-Spahn. Very determined and fights your corner.’
‘The Wenger Plattner insolvency and restructuring team are market leading in Switzerland – particularly for large cross-border insolvencies.’
‘Brigitte Umbach-Spahn is an excellent lawyer and subject-matter expert regarding insolvency / cross-border insolvencies. Stefan Bossart is an excellent senior associate.’
‘Wenger Plattner insolvency practise is the no 1 address for us and our clients (mostly insolvency practitioners) for handling cross-border insolvency cases. Wenger Plattner is able to render advice on complex cross border matters, and it is a joy to work with them. If we have anything related to Switzerland, we reach to out to Wenger Plattner.’
‘We mainly work with Brigitte Umbach-Spahn and Stefan Bossart. Both are highly sophisticated lawyers with vast experience in handling complex cross border insolvency cases. Both are very fast and to the point, giving advice that is highly practical. It is an honour to work with them.’
Key clients
SMTV-Group (SMTV Holding AG, AF Cars AG, AF Racing (Switzerland) AG, AF Immo AG and MedWork AG)
Swissair Group
Petroplus Group
Swissmetal Industries AG / Weidenareal Metall AG
envion AG
Bank Hottinger & Cie. AG
SkyWork Airlines AG
Swiss Dairy Food AG
Unifina Holding AG
mopac modern packaging AG / 2MP AG
The Enzian Shipping / Swiss Chem Tankers Group
Publicitas AG in bankruptcy liquidation
SCL / SCT // Enzian Shipping AG / Swiss Chem Tankers AG
saltech AG
Gysi AG Chocolatier Suisse
SCL Helvetia AG
Work highlights
- Serving as FINMA appointed liquidators of Bank Hottinger & Cie AG since the end of 2015.
- Elected as liquidator of an important part of the maritime fleet sailing under Swiss flag in 2017. The Enzian Shipping / Swiss Chem Tankers Group has been severely affected by the international crises of maritime shipping.
- Acting as confirmed liquidators of Petroplus Marketing AG. Additionally, Brigitte Umbach-Spahn was appointed administrator, later on liquidator of Petroplus Refining Cressier SA in a liquidation with claims in the amount of approx. CHF 6 billion.
Kellerhals Carrard
Kellerhals Carrard‘s team brings ‘professionalism and integrity‘ to the full range of insolvency and corporate reorganisation matters, with a client list which includes financial institutions, debtors, and the acquirers of distressed businesses/assets. Daniel Staehelin, who has more than twenty-five years’ experience in the practice area, co-leads the department with litigator Lukas Bopp. Jean-Luc Chenaux, a professor of business and corporate law at the Lausanne University, acts as liquidator, while Emanuel Dettwiler focuses on distressed M&A transactions and restructurings.
Testimonials
‘The team is able to provide us all the necessary expertise with professionalism and integrity.’
Key clients
Bürgschaftsgenossenschaft Ost-Süd
Bürgschaftsgenossenschaft Mitte
Cautionnement Romand
Bürgschaftsgenossenschaft SAFFA
iQ International AG
Swiss Financial Market Supervisory Authority FINMA
Banque Privée Espirito Santo
Peter Lang Group AG
Alitalia – Società Aerea Italiana S.p.a.
Parmalat Group
Tally Weijl Holding AG
RJC Leisure AG
Work highlights
- Acting as Commissioner in the reorganization of public listed IQ International AG.
- Retained by the four government-accredited loan guarantee organisations to uncover possible credit abuses, persecute possible fraudsters and recover the unlawfully obtained loans under the COVID 19 regime for the next 7 years.
Lenz & Staehelin
Lenz & Staehelin boasts significant expertise in complex national and cross-border corporate and debt restructurings. The department is highly active in distressed M&A deals, as well as both enforcement of and challenges to security in insolvency scenarios. Tanja Luginbühl and Roman Graf co-lead the department. Luginbühl has significant experience representing companies in financial distress, in addition to banks and creditors. Graf, who made partner in 2022, focuses on distressed M&A, and has a practice which includes both in-court and out-of-court restructurings. Litigators Dominique Müller and Daniel Tunik are also key names within the department.
Testimonials
‘This would be the firm I always go to in Switzerland with complex insolvency law questions.’
‘I have worked with L&S on a few matters now and always found them to be comprehensive, responsive, and commercial in approach.’
‘I find L&S easy to engage with. They get to grips quickly with the issue and have a good understanding of the client’s needs. Tanja Luginbühl stands out as a partner I have worked with on matters.’
Key clients
Aston Martin Lagonda Limited
Agrokor d.d.
APTG AG (formerly Airopack Technology AG)
A.T.U Auto-Teile-Unger Handels GmbH & Co. KG
Bluehorn SA
BP Oil International Ltd.
Creditor of Ethical Coffee Company
Creditor of Privatair
Deutsche Bank AG
Deutsche Lufthansa AG
F. Bernasconi et Cie SA
Garrett Motion
ING Bank N.V.
ISDA, Bundesverband Deutscher Banken, EFET
Lenders to gategroup Holding
Major creditor of Bank Hottinger & Cie AG in liquidation
One of Europe’s most respected furniture manufacturer
Pentland Brands Limited
PricewaterhouseCoopers
Roust Corporation
Royal Bank of Scotland
SAS
Sempione Fashion AG (formerly Charles-Vögele)
Suntech Power International Ltd.
Valartis Group AG
Various key creditors of Lehmann Brothers Finance AG in liquidation
Various creditors of Petroplus Holdings AG and Petroplus Marketing AG
Work highlights
- Advised SAS, Scandinavian flag carrier, on Swiss law related issues to its restructuring, including its Chapter 11 filing and alternative restructuring measures.
- Advised one of Europe’s most respected furniture manufacturer, with an annual turnover of more than EUR 1 billion, on cross-border restructuring measures from a Swiss law perspective.
- Representation of Aston Martin Lagonda Limited in its dispute and its claim enforcements on the insolvency of a Swiss distributor.
Pestalozzi
Pestalozzi advises creditors, corporate debtors and investors in distressed situations and restructurings. The department has notable strength in bankruptcy-related litigation, including those with cross-border elements. Thomas Rohner and Christophe Emonet co-lead the team. Rohner represents individuals and companies in commercial disputes, asset tracing, and insolvency/enforcement, while Emonet, who also heads the firm’s white collar crime group, has additional expertise in investigations and cross-border bankruptcies. Beat Mumenthaler focuses on insolvency and recoveries, while Nicolas C Herren specialises in banking and commercial disputes arising from contractual and regulatory issues. Associate Tobias Christen is also noted.
Other key lawyers:
Beat Mumenthaler; Christian Leuenberger; Nicolas C Herren; Ludivine Boisard; Tobias Christen
Testimonials
‘Pestalozzi in Zurich has been very responsive and has provided clear, measured advice on matters of Swiss law and procedure as well as non-binding, measured guidance on certain points of strategy. It is a trusted adviser which has helped us to understand recent changes in Swiss law and procedure as well as liaising with courts, local bankruptcy officials and others.’
‘Thomas Rohner, the engagement partner, has been a pleasure to deal with. He provides timely, measured advice which builds trust. He has been ably assisted by Tobias Christen. Both have strong language skills. At times they have taken the initiative to make enquiries locally on our behalf where appropriate. I would have no hesitation in recommending them for bankruptcy assistance.’
Key clients
Bank of America Merrill Lynch
Bank Vontobel
Banque Cantonale de Genève
City of Almaty
Coop
Credit Agricole
Credit Suisse
First International Bank of Israel
Glencore
Johnson & Johnson
Leclanché
Olivier Maus
Swiss Life AG
Union Bank of Israel
Work highlights
- Advised LECLANCHE SA, one of the world’s leading energy storage companies listed at SIX Swiss Exchange, in connection with a private placement of newly created shares in the amount of CHF 29.7 million
- Advised various entities of the DTEK Group in connection with a notes restructuring under the inter-conditional schemes of arrangement under Part 26 of the UK Companies Act 2006.
- Advising the City of Almaty in large scale cross-border civil disputes, recovery actions and criminal investigations. It is a massive case, involving Swiss and foreign civil state court litigations, worldwide asset recovery actions, Swiss and Kazakh criminal proceedings and international mutual assistance proceedings.
Prager Dreifuss AG
Prager Dreifuss AG‘s ‘compact, experienced, and insightful team’ represents creditors, including banks, hedge funds, and other financial institutions, in national and international insolvency and restructuring proceedings. Team lead Daniel Hayek has significant experience representing creditors in bankruptcy-related litigation, and has broad expertise in corporate matters. Gion Christian Casanova covers civil and commercial disputes, and both the protection and recovery of assets, while Gion Jegher focuses on reorganisations and restructurings, in connection with insolvencies. Counsel Mark Meili is also key.
Testimonials
‘The Prager team has a profound knowledge of the market which makes it very easy to work with them.’
Easy to work with, friendly, and very sharp.’
‘They are a compact, experienced, and insightful team led by Daniel Hayek, an excellent restructuring lawyer.’
‘Daniel stands out as a brilliant lawyer and master strategist. One of the best. Gion Jhegher is a great lawyer and same goes for Mark Meili. They work seamlessly together.’
Key clients
Trinity Investments DAC
Hestia Investments DAC
Kommunalkredit Austria AG
Attestor Value Master Fund LP
Deutsche Bank Trust Company Americas (Security Agent)
Wilmington Trust National Association (Indenture Trustee)
Bank of America Merrill Lynch
Centerbridge Partners LP
Work highlights
- Advised on the EUR 2.5 bn tender offer submitted for Europcar in July 2021 by a consortium consisting of Volkswagen AG, Trinity Investments Designated Activity Company and PON Holdings. Closing of the transaction in Q2 2022.
Bär & Karrer Ltd.
Bär & Karrer Ltd. fields a team with expertise in both domestic and cross-border restructurings and insolvencies. The group places emphasis on out-of-court restructurings, and acts for a broad client base, including debtors, shareholders and creditors. Jointly leading the department are Christoph Neeracher, Luca Jagmetti, and Thomas Rohde; Neeracher has key experience in complex restructurings, Jagmetti has expertise in distressed M&A, and Rohde is a key name for reorganisations and insolvencies.
Key clients
Temasek
Homburger
Homburger fields an ‘experienced and knowledgeable’ team with a focus on solvent and out-of-court restructurings. The department has strength in recapitalisation and refinancing, as well as representing creditors in insolvency-related proceedings. Team lead Stefan Kramer regularly publishes on insolvency related topics, and specialises in corporate recovery. Benedikt Maurenbrecher and Benjamin Leisinger share a focus on clients in the financial services industry, whereas associate Miguel Sogo has experience in debt enforcement and bankruptcy proceedings.
Testimonials
‘Very strong restructuring team. Experienced and knowledgable in cross border cases. Broad competence also concerning tax etc.’
‘Stefan Kramer heads the team. He has a quick and good grasp of the key economic elements driving a case.’
Key clients
UBS
Credit Suisse Group
Illumina
Santhera Pharmaceuticals Holding
Work highlights
- Advised the co-ordinating-committee of ED&F Man’s senior creditors on the USD 1.5 bn restructuring of ED&F Man.
- Representing Illumina in NIPT patent enforcement and accompanying debt enforcement proceedings.
- Acting as regulatory and strategic advisor to Credit Suisse and UBS on global strategy regarding bail-in instruments and implementation of new legislation.
MLL Legal
MLL Legal represents companies, creditors, and investors in a diverse range of areas, including corporate restructurings, acquisitions of distressed businesses, and bankruptcies and insolvencies. Sabina Schellenberg co-leads the team with Samuel Ljubicic. Schellenberg has notable expertise in matters related to directors’ and officers’ liability law, as well as cross-border insolvency work, while Ljubicic focuses on distressed finance and debt restructuring. Alexander Vogel and Urs Boller are prominent names within the practice.
Testimonials
‘The team of MLL Legal consists of dedicated lawyers, who are professionals in their field. Our cooperation was with Froriep team, but after their merger with MLL Legal, we are sure that the quality of legal services will be at an even higher level.’
‘They are efficient in their responses, and provide thorough and complete legal opinions. In addition, they always are deeply involved into the essence of each issue and form a position taking into account the specifics of each client’s business.’
‘Key strengths: 1. Result-oriented approach to each particular assignment. 2. Great practical experience. 3. Ability to advise coplex solutions considering merits of the case, facts and circumstances.’
‘Mr. Boller played key role in the development of legal strategy and its implementation, inlcuding relevant legal means of protection. Suggested legal solutions in most complex cases.’
Key clients
Liquidators of Petroplus Refining & Marketing Limited and Petroplus Refining Teesside Limited
MÜLLER-STEINAG Gruppe
Work highlights
- Advised a large German real estate development company in acquiring a real estate portfolio company (the parent company and several affiliates of which are subject to Swiss insolvency proceedings).
- Represented a European food company in the restructuring of its operating Swiss subsidiary in all procedural and contractual aspect.
- Represented a debt fund in the insolvency proceedings of one of its borrowers on various insolvency related issues, in particular the borrower’s illicit repayment of covid loans shortly before filing for insolvency.
Niederer Kraft Frey AG
Niederer Kraft Frey AG has comprehensive experience in both restructuring and insolvency, with a record of acting for companies, creditors, banks, and bankruptcy liquidators on the full range of matters. Marco Häusermann has broad expertise in restructurings and workouts of all forms of debt, and co-leads the department with Thomas Sprecher, who advises clients in litigation, bankruptcy, and restructuring. Bertrand Schott covers national and cross-border restructuring and insolvency cases.
Key clients
ED&F Man Group
International Capital Markets Association
Vantage Education AG
International Securities Lending Association
UBS
Credit Suisse
UniCredit
Morgan Stanley
Citibank
Work highlights
- Advised the ED&F Man Group and its Swiss subsidiary, Volcafe Ltd, on its successful restructuring, cross-border USD 1.5bn refinancing and in connection with the implementation of its UK restructuring plan.
- Advised Vantage Education AG on the acquisition of the Swiss Marketing Academy from the distressed (former) Swimac Swiss Marketing Academy GmbH.
- Rendering the Swiss legal opinions on the validity and enforceability of the Global Master Repurchase Agreement and the various Securities Lending Master Agreements used worldwide by banks and other financial institutions.
Staiger Attorneys at Law Ltd
Staiger Attorneys at Law Ltd‘s ‘experienced and responsive’ team has experience in large, high-profile insolvencies, bankruptcy proceedings and debt restructuring. The firm is also regularly appointed as liquidator and investigating agent by FINMA. Team lead Marc Bernheim has more than 20 years’ experience in the practice area, and specialises in directors’ and officers’ liability proceedings. Gaudenz Geiger, described as ‘thorough, well organized and systematic’, handles out-of-court reorganisations and restructurings.
Testimonials
‘Experienced and responsive.’
‘Easy to work with and very competent.’
‘One of the best teams in Switzerland for the full range of insolvency and corporate recovery matters.’
‘Young partner Gaudenz Geiger stands out in this practice area. He is technically excellent, thorough, well organized and systematic, exceptionally responsive, and makes things happen.’
‘The insolvency team has many years of in-depth experience in handling demanding mandates. The team works with a high level of commitment and achieves excellent results as a result.’
‘Marc Bernheim and Gaudenz Geiger have a very broad expertise and a lot of experience. They have a great deal of tact and always try to take pragmatic approaches.’
Key clients
Schweizer Kredit AG
Swiss Financial Market Supervisory Authority FINMA
Atrib Switzerland Ltd. in liquidation; Atrib Group in liquidation; Atrib Management Services in liquidation
ROCCO PICCINNI AG
Work highlights
- Acting as bankruptcy administrator of Atrib Management and Group, as counsel to the bankruptcy administrator of Atrib Switzerland, and as representative of the bankruptcy estates and of extraordinary receivers of the bankruptcy estates in negotiations and litigation.
- Acting as liquidator and investigating agent on behalf of the Swiss Financial Market Supervisory Authority FINMA
- Acting as court appointed commissioner in the insolvency and restructuring proceedings of various companies.
VISCHER
VISCHER provides a full range of services, including distressed M&A and restructurings, insolvency related litigation, and voluntary liquidation. The department has expertise in helping foreign law firms gain recognition of foreign insolvencies in Swiss courts. Benedict F. Christ leads the team, which includes David Jenny, who has experience acting as liquidator, and Jana Essebier, whose focus is bank bankruptcy. Thomas Weibel has expertise in debt collection matters.
Testimonials
‘VISCHER has done an outstanding job in the Lehman insolvency for many years. Unique and first time issues had to be addressed and were solved in a brilliant manner.’
‘Jana Essebier has an excellent understanding of finding pragmatic solutions, very much hands-on and very responsive.’
Key clients
PricewaterhouseCoopers AG acting as liquidator of Lehman Brothers in Switzerland
FINMA
Russian Bank in bankruptcy
Liquidator of a German estate
Weidenareal Metall AG in Nachlassliquidation
Estate of Lehman Brothers Finance AG and its appointed Liquidator PricewaterhouseCoopers AG
Alibion AG
Work highlights
- Advised the liquidator of the Swiss Lehman Brothers entities on all aspects of their highly complex liquidation.
- Advised in connection with the liquidation of Weidenareal Metall AG in Nachlassliquidation (formerly named Swissmetal Industries AG).
- Advised Alibion AG pre and post liquidation filing.
Walder Wyss Ltd.
The ‘commercial and pragmatic’ team at Walder Wyss Ltd. is highly active in cross-border insolvencies and restructurings, and has particular aptitude in contentious insolvencies. Co-leading the team are restructuring/insolvency specialist Dominik Hohler, Dieter Hofmann, who focuses on dispute resolution, and Mark Reutter, who conducts insolvency related assessments, and has particular sector strength in the TMT sector.
Testimonials
‘Hands-on approach, thinking is commercial and pragmatic.’
‘Dominik Hohler and the team are nice guys, very reliable and to the point with their advice.’
‘The Walder Wyss team is providing clear advice, is very responsive and has an international mindset. Due to the fact that they work on various international projects, they always understand the context and the requirement of a non-Swiss client.’
Key clients
ExWorks Capital LLC
DTEK Energy
Aryzta
Investment and Restructuring in Arthouse Cinemas (group of cinemas)
Meyer Burger Group
STA Travel
Paracelsus Hospital Richterswil
Thomas Cook
Nestlé Nespresso
Apollo International Management LLP / Funds managed by affiliates of Apollo Global Management
Esprit Europe GmbH
gategroup Holding AG
Work highlights
- Advising ExWorks in the composition proceeding of iQ International AG [FRA: IQL].
- Acting as Swiss special counsel to bank lender ad hoc group and to Eurobond holders relating to Swiss legal matters in the restructuring of DTEK Energy.
- Advising Esprit (Esprit Europe GmbH) in relation to its financial restructuring.
CMS von Erlach Partners Ltd.
CMS von Erlach Partners Ltd. covers debt enforcement, bankruptcy, and restructuring related matters. The department acts for both domestic and international clients, and is regularly active in multi-jurisdictional cases. Marjolaine Jakob leads the team, and has experience both advising and representing clients in relation with insolvency proceedings. Reto Hunsperger has expertise in international insolvency law.
Key clients
gammaRenax AG
Work highlights
- Advising the Swiss ancillary insolvency estate of Manfred Schmider and foreign insolvency administrator of the insolvency estate of Manfred Schmider in connection with enforcement proceedings against a third party.
- Advising Dr. Christoph Schulte-Kaubrügger in his function as insolvency administrator over the assets of OpenLimit SignCubes GmbH.
- Advising gammaRenax AG with regard to the purchase of assets from a debtor over which moratorium proceedings had been granted.
Wenger Vieli Ltd
Wenger Vieli Ltd represents creditors, debtors, and third parties in debt collection and insolvency proceedings. The team has experience at all stages of insolvency proceedings, including bankruptcy and liquidation of banks. Georg Zondler, who has over 25 years’ experience, co-leads the department with Pascal Honold, whose focus is corporate reorganisations and restructurings.
Key clients
Luminator Technology Group (LTG)
Helvetia Wealth / Insolvency Court
Major German debt collector
Swiss supplier
Work highlights
- Representing Luminator Technology Group in distressed M&A transaction.
- Acting as liquidator in composition procedures of Helvetia Wealth.
- Assisting a large debt collection group in all debt collections involving Swiss debtors.