Insolvency and corporate recovery in Switzerland

Baker McKenzie

Baker McKenzie has a strong team, which is regularly sought after by financial creditors in a variety of complex mandates. It has know-how in financial restructurings, distressed M&A and cross-border restructuring. Recent work also included advising financial creditors regarding all questions relating to the COVID-19 emergency measures of the Swiss Government; here it also acts for lenders. Practice heads Lukas Glanzmann, a banking and finance expert, and corporate specialist Alexander Fischer also offer R&I expertise. Senior associate Markus Wolf is another key contact.

Practice head(s):

Alexander Fischer; Lukas Glanzmann

Other key lawyers:

Markus Wolf


‘Quality/technical expertise, solution/practical orientation, seamingless collaboration/teaming, speed.’

‘Lukas Glanzmann is a top lawyer in the field, excellent negotiator and communicator, very strong client and solution orientation.’

‘Determination and collaboration, attention to detail while never losing the bigger picture.’

‘Intellectual capacity, availability, they do not ‘overplay’.’

Key clients

UBS Switzerland AG

Credit Suisse (Switzerland) AG

Deutsche Bank AG

Westinghouse Group

Zürcher Kantonalbank

Commerzbank Aktiengesellschaft

Patrimonium Private Equity

Forster Home AG

Meier Tobler AG


Work highlights

  • 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.
  • Advised Credit Suisse (Switzerland) Ltd. as mandated lead arranger and coordinator, agent and security agent, as well as a syndicate of banks in a CHF145m and CHF120m government-backed rescue financing for SR Technics Switzerland AG, which is owned by the insolvent Chinese HNA Group.
  • Advised SBM SA, a portfolio company of Patrimonium, in completing its restructuring by selling all its real estate and remaining assets to Riganti (now waiting for its private liquidation).

Schellenberg Wittmer Ltd

Schellenberg Wittmer Ltd fields a team of practitioners with considerable expertise in insolvency and restructuring. The firm covers the full spectrum of matters, with high activity in distressed M&A and refinancing, restructuring, enforcement and litigation cases. The group’s ability to draw on cross-departmental know-how adds value in interdisciplinary matters. Counsel Vincent Jeanneret has longstanding expertise in contentious R&I matters and heads up the practice. Of counsel Olivier Hari is well versed in distressed refinancings and cross-border instructions, while Urs Hoffmann-Nowotny and Louis Burrus focus on dispute resolution.

Practice head(s):

Vincent Jeanneret

Other key lawyers:

Olivier Hari; Urs Hoffmann-Nowotny; Louis Burrus; Benno Strub


‘Louis Burrus and his team are extremely thorough, responsive and efficient.’

‘Louis Burrus is a highly gifted lawyer, with both a practical and a technical approach of the cases.’

‘Excellent skills.’

‘Solution and practice-oriented, helps a lot to come to take a decision.’

‘Cuts through complexity to assist with decision making.’

Key clients

Three foundations in Assura group of companies


Gilbert Albert employees’ pension plan – Cantonal Department of Finance – The Cantonal Supervisory Board for Foundations

Petroplus – Neuchâtel Court of First Instance

Alevo Group SA and Alevo International

Supra Assurances SA – Swiss Financial Market Supervisory Authority FINMA

Mr. Reto Stöcklin

Stigma Partners SA

Zenith Vie, Life insurance

EP Electricité

G. Holtz

A Creditor of Privatair

Several creditors of Ethical Coffee Company Ltd and Ethical Coffee Company (Switzerland)

Liquidators of Joannou & Paraskevaides (Overseas) Limited

Work highlights

  • Appointed by the Tribunal du Littoral et du Val-de-Travers (Neuchatel) as an official administrator of Petroplus Refining Cressier SA.
  • Representing Hypotheka in a major bankruptcy case that concerned 100+ pension funds with debts of CHF100-150m.
  • Assisted with the liquidation of an insolvent life insurance company authorized by FINMA.

Wenger Plattner

Wenger Plattner is noted for being ‘technically excellent and called upon for the most complex and sensitive work.‘ The team has know-how in acting as administrator/bankruptcy trustee in cross-border cases as well as in acting for creditors and debtors where the group has a track record of handling complex in- and out-of-court-restructurings. The well-reputed Brigitte Umbach-Spahn leads the practice and is experienced in the financial services sector. Fritz Rothenbühler combines R&I, corporate and competition expertise. Karl Wüthrich is an ‘extremely logical thinker.‘ The group also impresses with a strong junior bench, namely counsel Stefan Bossart and senior associate Denise Jagmetti-Huser who was a substitute judge at the bankruptcy and debt restructuring court at the District Court of Zurich until joining the firm in May 2021.

Practice head(s):

Brigitte Umbach-Spahn

Other key lawyers:

Fritz Rothenbühler; Karl Wüthrich; Stefan Bossart; Denise Jagmetti-Huser


‘The Wenger Plattner team is market-leading for R&I in Switzerland – technically excellent and called upon for the most complex and sensitive work.’

‘Karl Wüthrich is an extremely logical thinker and able to think laterally to overcome obstacles.’

‘Brigitte Umbach-Spahn is technically excellent and willing to fight the client’s corner on difficult issues.’

‘Wenger Plattner are the stand-out Swiss firm for Swiss insolvency/cross-border insolvency matters. They have a very strong team of partners and associates in this area.’

‘The team at Wenger Plattner can cover restructuring and insolvency cases from two sides: (i) they can act as office holder (administrator/bankruptcy trustee) – also in complex cross border cases. Moreover, they can advise clients (debtor/creditors) in out of court restructurings. This provides a unique experience and sets them apart from many other firms. Leading player in the field in Switzerland.’

‘Brigitte Umbach-Spahn has a quick understanding of key economic factors of a case; successfully “navigates the ship in troubled waters”, has very broad experience in the area and excellent negotiation skills.’

‘Stefan Bossart has excellent analytical skills, is quick in grasping the key aspects, and is very responsive.’

‘The best restructuring and insolvency advice available in Switzerland. Brigitte Umbach-Spahn and Stefan Bossert are outstanding.’

Key clients

Swissair Group

Petroplus Group

Swissmetal Industries AG/Weidenareal Metall AG

envion AG

SkyWork Airlines AG

Swiss Dairy Food AG

Unifina Holding AG

mopac modern packaging AG / 2MP AG

Bank Hottinger & Cie. 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 the Enzian Shipping/Swiss Chem Tankers Group which has been severely affected by the international crises of maritime shipping.
  • Acting as liquidators of Petroplus Marketing AG.

Kellerhals Carrard

Kellerhals Carrard impresses with covering the full spectrum of insolvency and corporate reorganization matters. The practice regularly acts for officers and directors, financial institutions, debtors as well as acquirers of the business or assets of financially distressed companies as well as for court-appointed trustees. The close collaboration with the antitrust, corporate, real estate and tax groups is another asset. Additionally, the group assists with national and international debt enforcement and formal insolvency proceedings. Daniel Staehelin and Lukas Bopp jointly lead the practice. Jean-Luc Chenaux acts as liquidator.

Practice head(s):

Daniel Staehelin; Lukas Bopp

Other key lawyers:

Jean-Luc Chenaux; Emanuel Dettwiler


‘They have an overall experience in insolvency law, including acting as insolvency practitioners.’

‘Daniel Staehelin is one of the leading practitioners in the field.’

‘Very professional law firm with responsive and competent lawyers.’

‘Lukas Bopp focuses on domestic and international commercial litigation and arbitration, attachment of assets, recognition and enforcement of foreign judgments and insolvency proceedings.’

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 reorganisation of listed company 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 seven years.

Lenz & Staehelin

The team at Lenz & Staehelin has a strong track record in national and cross-border corporate and debt restructurings. Led by dedicated specialist Tanja Luginbühl, the practice also advises companies on preventive measures as well as on distressed M&A. It further has experience in assisting creditors with enforcing their rights against companies subject to Swiss insolvency proceedings. Through its close-knit full-service offering, it can offer clients support in variety of neighbouring areas such as dispute resolution and corporate. Counsel Roland Fischer specialises in in-court and out-of-court restructurings as well as a broad range of finance transactions. Dominique Müller has experience in contentious work.

Practice head(s):

Tanja Luginbühl

Other key lawyers:

Roland Fischer; Dominique Müller; Anja Affolter Marino


‘Outstanding technical capabilities, relevant experience, negotiation and communication skills.’

‘The L&S team is very available and accessible. They are there when you need them (and working when you don’t know you need them). L&S get the balance right between identifying both hypothetical and practical opportunities and risks. The quality of L&S advice and advocacy is superb – clear, correct, and creative.’

‘Tanja Luginbühl leads an extremely professional client-focused team.’

‘Roland Fischer provides sound and pragmatic advice.’

‘Dominic Mueller is an outstanding advocate who understands what the court expects and needs.’

‘Roland Fischer is clearly a star of the future.’

‘The Lenz team were exceptional, extremely responsive and delivered excellent legal advice in a practical and commercial manner.’

‘Balanced and diverse team across insolvency and contentious insolvency issues. Quick adaptation to the specifics of the case. Effective use of technology for rapid exchange of information and documents.’

Key clients

Aston Martin Lagonda Limited

Agrokor d.d.

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

Garrett Motion

Lenders to gategroup Holding

ING Bank N.V. acting as agent for Senior Lenders

Innolith Group; Bluehorn SA

Major creditor of Bank Hottinger & Cie AG in liquidation

Pentland Brands Limited


Roust Corporation

Royal Bank of Scotland

Sberbank (Switzerland) AG

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 senior lenders (with ING acting as agent) in connection with the scenario analysis, structuring and implementation of the restructuring of senior lenders claims under the UK restructuring plan of gategroup with an annual turnover in excess of CHF5bn.
  • Advised Garret Motion on its Chapter 11 process.
  • Representing Aston Martin Lagonda Limited in a dispute and potential financial restructuring of a Swiss distributor.


Pestalozzi has a ‘fantastic team adept at providing prompt, clear and commercial advice‘ in insolvency and restructurings. The practice acts for creditors, corporate debtors and investors in bankruptcy-related litigation involving the coordination of civil and criminal proceedings; obtaining recognition of foreign bankruptcies in Switzerland; asset recovery actions; and refinancing and restructuring of existing debt. Dispute resolution specialists Thomas Rohner and Christophe Emonet jointly head up the practice. Beat Mumenthaler‘s ‘longstanding work in various cross-border complex restructuring matters has enabled him to well understand various cultural differences.’

Other key lawyers:

Beat Mumenthaler; Christian Leuenberger; Ludivine Boisard


‘They have a strong commercial practice which supports the insolvency side well.’

‘Beat Mumenthaler and Jean-Baptiste Lhôte worked very well as a team and were very responsive.’

‘The firm is extremely well involved in various Swiss legal market areas. They are easy to approach and very responsive.’

‘Beat Mumenthaler’s longstanding work in various cross-border complex restructuring matters has enabled him to well understand various cultural differences while proceeding with the matters. He is also very well respected among his Swiss colleagues in this field.’

‘A fantastic team adept at providing prompt, clear and commercial advice.’

‘Beat Mumenthaler is our ‘go-to’ lawyer in Switzerland. Beat has a style which is very liked by clients and delivers an excellent service. He has particular expertise within the commodity industry.’

Key clients

Bank of America Merrill Lynch

Bank Vontobel

Banque Cantonale de Genève

City of Almaty


Credit Agricole

Credit Suisse

First International Bank of Israel


Johnson & Johnson

Olivier Maus

Swiss Life AG

Union Bank of Israel

Work highlights

  • Advised global investors on all Swiss legal and tax aspects of the comprehensive restructuring of the Swissport Group and its acquisition from HNA as part of a debt-for-equity swap.
  • Advising Leclanché on complex restructurings.
  • Assisted City of Almaty with cross-border civil disputes, recovery actions and criminal investigations.

Prager Dreifuss AG

Prager Dreifuss AG is well positioned to advise creditors such as banks, hedge funds or other financial institutions, in large national and cross-border insolvency and restructuring proceedings. Another pillar of the practice are arbitration proceedings and enforcement strategies of arbitration awards. Team head Daniel Hayek and Gion Christian Casanova are also well versed in acting in bankruptcy-related litigation. Gion Jegher covers insolvencies, reorganisations and restructurings. Counsel Mark Meili is described as ‘sharp and highly qualified.

Practice head(s):

Daniel Hayek

Other key lawyers:

Gion Christian Casanova; Mark Meili; Gion Jegher


‘The team takes a holistic view of its work and understands the insolvency and recovery landscape across different sectors, different jurisdictions and different sectors. I have found them to be strategic and to look outside the box for solutions which has proven to be key for successful results. They are pragmatic, responsive and quick to react, and very much team players in the context of large scale insolvent matters.’

‘Daniel Hayek and Mark Meile are both leaders and exceptional.’

‘Prager has a diverse and highly qualified team. They work internationally, on high-value cases and are great in collaborating with a diversity of law firms worldwide.’

‘Our recommendations are Daniel Hayek and Mark Meili, both not only very sharp and highly qualified, but also very nice individuals making it a pleasure to work with on lengthy and intense cases.’

‘Great team. They act with a transactional view.’

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 Trinity Investments Designated Activity Company on the €2.5bn tender offer submitted for Europcar by a consortium consisting of Volkswagen AG, Trinity Investments Designated Acitivity Company and PON Holdings.
  • Advised Hestia Investment Designated Activity Company on enforcement strategy and recognition of a UK restructuring regarding Gategroup bond in Switzerland.
  • Advised Attestor Value Master Fund LP on the purchase and enforcement of claims against bankrupt estates in Switzerland such as SAirGroup AG in restructuring liquidation and affiliated companies, Lehman Brothers Finance AG in liquidation, Banque Privée Espirito Santo SA in liquidation etc.

Bär & Karrer Ltd.

Bär & Karrer Ltd. has noteworthy expertise in a wide variety of insolvency and restructuring matters. With its full-service offering, it can draw on support in distressed M&A deals, sales/acquisition out of Swiss ‘chapter 11’-proceedings, related litigation and financings as well as tax-efficient structuring of restructurings and impact pension plans. The practice regularly represents debtors, their management, shareholders or creditors. Christoph Neeracher is well versed in out of court restructurings. He leads the practice together with distressed M&A specialist Luca Jagmetti and Thomas Rohde. Martin Anderson and Rolf Watter are also prominent practitioners.

Other key lawyers:

Lukas Roesler; Susanne Schreiber; Martin Anderson; Rolf Watter


‘The team has incredibly high competence and works within a well-connected network. Furthermore, the team is very adept at quickly recognising the problem at hand.’

‘The individuals were incredibly flexible. The quality which was most valued was the notion that problems were examined in incredible depth, the team ensured that they had full clarity over what the problem was noteworthy. Another stand-out feature was that contracts were created incredibly quickly which significantly reduced overhead and waiting times which is not the case for competitors.’

‘People are very swiftly replying, digging very deep into the legal aspects of the matter and also support creative/not straightforward ideas and think of how to make them possible. Very often, when choosing the less straightforward option, the team is very cooperative and constructive in making these options possible!’

‘Christoph Neeracher is probably the most experienced and thorough M&A lawyer in Switzerland, always looking at legal aspects, but never ignoring the business side of things. A rarely occurring advisor that actually helps solve issues/making deals happen rather than simply showing what the legal issues are. Always available and very responsive!’

‘Thomas Rhode is probably the most knowledgeable lawyer for recovery/restructuring cases with deep real estate know-how as well.’

Key clients


Lupa Systems LLC


Herkules Managed Funds

Work highlights

  • Acted as Swiss legal adviser to Temasek in the recapitalisation of gategroup.
  • Advised Lupa Systems LLC, the new anchor shareholder in MCH Group AG, on the acquisition of shares.
  • Advised Swiss-based private equity fund Patrimonium on the acquisition of a majority stake in the Roth Group.


Clients appreciate Homburger for having ‘the necessary robustness to deal with counterparts and conflicts in a complex and challenging scenario.’ The team is strong at advising clients on solvent and out-of-court restructurings as well as preventive measures, recapitalisation and refinancing, and representing creditors in insolvency-related proceedings. The close cooperation with the firm’s banking and finance, corporate and capital markets groups adds value, especially when assisting financial sector clients. Practice head Stefan Kramer specialises in out-of-court restructuring and corporate recovery. Benjamin Leisinger is the second key name.

Practice head(s):

Stefan Kramer

Other key lawyers:

Ueli Huber; Benjamin Leisinger; Miguel Sogo


‘A great team covering all aspects of corporate, business, insolvency law. Partners and associates are good communicators and have a hands-on working style. They also have the necessary robustness to deal with counterparts and conflicts in a complex and challenging scenario like the need for a financial restructuring.’

‘Stefan Kramer has a thorough understanding of the client’s needs in difficult situations, e.g. financial restraints.’

‘Very experienced combination of corporate law with insolvency law knowledge and good international network for advising large companies with cross-border structure in restructurings.’

‘Stefan Kramer: Quick mind, very sound corporate knowledge and experience for restructurings.’

Key clients

Gategroup Holding


Santhera Pharmaceuticals Holding

MHC Group



Meyer Burger Technology

SR Technics

Johnson & Johnson

Credit Suisse

Raiffeisen Schweiz Genossenschaft

UBS Group


Work highlights

  • Advised the board of directors of gategroup Holding on its global restructuring.
  • Advised Swissport International on its comprehensive restructuring with creditors and shareholders including a debt-for-equity swap and a new €500m long-term debt facility.
  • Advised Santhera on its capital restructuring by exchange offer for a convertible bond in Switzerland and by the issuance of new Senior Unsecured Convertible Bonds.

MLL Legal

MLL Legal is noted for its ‘profound knowledge of Swiss insolvency law, strategic thinking and the proactive approach to cases.‘ By combining litigation and corporate specialists under one roof, the team covers a wide range of related matters; these include corporate restructuring, reorganisation and turnaround; rescue companies; acquisition of distressed businesses; moratorium and composition agreements and bankruptcy proceedings. Samuel Ljubicic and Sabina Schellenberg head up the practice, which also includes prominent practitioner Alexander Vogel. Urs Boller‘s ‘opinions are always sharp, balanced, insightful and comprehensive.

Other key lawyers:

Alexander Vogel; Urs Boller


‘Very good team with excellent technical skills and lots of market experience.’

‘Alexander Vogel: very pragmatic, very responsive.’

‘The practice has a profound knowledge of Swiss insolvency law, strategic thinking and a proactive approach to cases. The lawyers of the firm are really engaged; they understand the needs of the clients and are ready to present a variety of solutions. The team could be described as highly professional and client-oriented.’

‘Urs Boller is an outstanding lawyer with a profound knowledge of Swiss bankruptcy and procedural law. His opinions are always sharp, balanced, insightful and comprehensive. He has an ability to understand the needs of a client at once and present a variety of possible solutions. He has outstanding analytical abilities and a strategic view of the situation.’

‘MLL Froriep is a very agile, service-oriented office. They are definitely worth their money, and can even be classified as rather inexpensive in relation to the service. For international insolvency proceedings, the team has a very good intuition and corresponds quickly, appropriately and confidently.’

‘Sabina Schellenberg is very pleasant to work with on a regular basis. The coordination is fast, reliable and at the highest level.’

Key clients

WEPA SE, Germany


Liquidators of Petroplus Refining & Marketing Limited and Petroplus Refining Teesside Limited

Work highlights

  • Advised the joint liquidators of two English companies in pursuing claims in Swiss insolvency proceedings against Petroplus Marketing AG.
  • Advised a potential strategic buyer interested in acquiring Akorn’s (Nasdaq: AKRX) business with the protections of a filing under Chapter 11.
  • Representing defendants in director’s liability and torts litigation initiated by a subsidiary of the National Iranian Oil Company.

Niederer Kraft Frey AG

Niederer Kraft Frey AG is well versed in the representation of distressed companies  and of creditors, such as creditor banks under financing arrangements. Through its close collaboration with the firm’s banking and finance practitioners, it is well positioned to assist institutions from this sector with protective measures, capital adequacy and liquidity requirements, the avoidance of concentration risks, netting and automatic close-out matters. Thomas Sprecher has know-how in litigation cases and co-heads the team with Marco Haeusermann who is noted for his refinancing experience. Bertrand G. Schott offer support to financial institutions, funds and fund management companies.

Other key lawyers:

Till Spillmann; Bertrand G. Schott; Adrian Koller; Andrea Giger


‘The NKF team collaborates well and delivers sound advice within budget. We especially appreciate their expertise in insolvency and corporate matters.’

‘Bertrand Schott is very friendly and accommodating – a pleasure to work with.’

‘The team is a very strong banking specialist. They understand banking legislation, regulation and litigation exceptionally well.’

Key clients

Association for Financial Markets in Europe (AFME)

Ares Management Limited

Bluebay Asset Management

Cytos Biotechnology AG

International Capital Markets Association (ICMA)

International Securities Lending Association (ISLA)

Securities Industry and Financial Market Association (SIFMA)

Securities Lending and Repo Committee (SLRC) – Capital Adequacy Directive Working Group

Steinhoff Europe AG

Work highlights

  • Advising Gategroup on all aspects of its financial restructuring.
  • Advised the Selecta Group in connection with its successful recapitalisation and corporate reorganisation.
  • 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, specifically as to the close-out netting provisions and other similar contractual arrangements and addressing the potential insolvency of a Swiss counterparty.

Staiger Attorneys at Law Ltd

Staiger Attorneys at Law Ltd demonstrates know-how in insolvencies, bankruptcy proceedings, and debt restructurings. It often acts on behalf of creditors as well as for foreign companies in enforcing claims against Swiss debtors. The team further impresses with being the liquidator and investigating agent appointed by the Swiss Financial Market Supervisory Authority FINMA. Marc Bernheim heads up the group, which also includes the ‘efficient and reliableGaudenz Geiger.

Practice head(s):

Marc Bernheim

Other key lawyers:

Gaudenz Geiger


‘Depth and breadth of experience.’

‘Experience, easy to work with, personable.’

‘What makes Staiger’s insolvency and corporate recovery team stand out: The client is served by experienced partners that are very well connected with authorities and other specialists in the field. Advice is practical and pragmatic, with a focus on efficiency and getting things done. Thanks to the structure of the firm, clients get a maximum of partner attention. The team is very responsive and capable of stepping in quickly, pulling the right strings and contacting the right people. No wonder the team is greatly respected in the field.’

‘Gaudenz Geiger is extremely responsive and quick, thorough, always well prepared and organised, a good project manager, well connected in the insolvency and restructuring field, down-to-earth, efficient, reliable, nice to work with. The client gets great value for money.’

Key clients

Schweizer Kredit AG

Healthtronics Inc. (Austin, Texas)

Swiss Financial Market Supervisory Authority FINMA

Atrib Switzerland Ltd. in liquidation; Atrib Group in liquidation; Atrib Management Services in liquidation

Work highlights

  • Administrating the CHF80m liquidation of Atrib.
  • Acting as liquidator and investigating agent on behalf of FINMA for NAV Capital, NAV Capital Partners, and others.
  • Acting as commissioner and court-appointed supervisor in the insolvency proceedings of Schweizer Kredit AG.


VISCHER has know-how in distressed M&A and corporate restructurings, as well as in liquidations, in particular in the finance sector. The team also covers insolvency-related litigation, corporate finance and voluntary liquidation and freezing debtor assets. The offering further includes enforcements on behalf of creditors. Benedict Christ combines corporate, M&A and insolvency experience. David Jenny can act as liquidator and Jana Essebier assists clients in pre-and post-insolvency situations.

Practice head(s):

Benedict Christ

Other key lawyers:

David Jenny; Jana Essebier


‘Great understanding of interaction with foreign insolvency regimes.’

Key clients

PricewaterhouseCoopers AG acting as liquidator of Lehman Brothers in Switzerland


Weidenareal Metall AG

Estate of Lehman Brothers Finance AG and its appointed Liquidator PricewaterhouseCoopers AG

Alibion AG

Walder Wyss Ltd.

Walder Wyss Ltd.‘s team is well positioned to advise on cross-border insolvencies, restructurings, and related disputes. The group acts for creditors and debtors, which appreciate the group’s  ‘robust advice and guidance‘. Dominik Hohler specialises in restructuring/insolvency and reorganisation transactions, while his co-heads Dieter Hofmann and Mark Reutter have a background in dispute resolution and TMT respectively. Christoph Stäubli retired at the end of 2020.


‘Very responsive, client-oriented, robust advice and guidance.’

‘Dominik Hohler is a rising star, a pleasure to work with.’

‘When it comes to the corporate reorganisation work the impression is very good: the quality of the work was very good, the team was very responsive and solution-oriented.’

‘Dominik Hohler is experienced, responsive and solution-oriented.’

‘Very commercially minded, good availability and flexible on billing; well regarded in the market.’

‘Dominik Hohler is easy to work with and doesn’t get lost in legal details; reliable and quick in adapting to changing requests.’

Key clients

Bank Lender Ad Hoc Group (DTEK Energy)/Note Holder Ad Hoc Group (DTEK Energy)

Lodbrok Capital (Aryzta)

DCM Film Distribution (Arthouse Cinemas)

Meyer Burger Group

Bondholders (Valaris)

Bankruptcy Administrator (STA Travel Holding)

Paracelsus Hospital Richterswil

Ruf Telematik

Informal Group of PIK Loan Lenders (Swissport Group)

Esprit Europe and its Swiss Subsidiaries Esprit Switzerland Retail and Esprit Switzerland Distribution

UBS, Credit Suisse and ING Bank among others (gategroup Holding)

Liquidator (Thomas Cook)

Nespresso Group

Apollo International Management LLP and Funds Managed by Affiliates of Apollo Global Management

CMS von Erlach Partners Ltd.

The team at CMS von Erlach Partners Ltd. is regularly involved in matters of debt enforcement, bankruptcy and restructuring-related proceedings before Swiss authorities and courts. Beyond that, the practice also advises Swiss companies as well as domestic and foreign financial creditors on restructuring and reorganisation matters. Embedded in an international network, the practitioners are frequently sought after as Swiss counsel in multi-jurisdictional cases. Olivier Carrard has experience in dispute resolution and leads the practice together with the ‘highly articulate and responsiveReto Hunsperger.

Other key lawyers:

Pierre Ducret; Marjolaine Jakob


‘Reto Hunsperger and his team are responsive, extremely competent and have a thorough and practical approach of the cases.’

‘Reto Hunsperger is highly articulate and responsive. You always get a response and the right one.’

‘Good availability at short term; efficient approach.’

Key clients

Swiss ancillary insolvency estate of Manfred Schmider

MET Gas and Energy Marketing Ltd.

Work highlights

  • Representing the ancillary insolvency estate of the mastermind of the FlowTex-fraud in a multi-million claw-back litigation, related enforcement proceedings and proceedings for interim relief (various freezing orders).
  • Assisting MET Gas and Energy Marketing Ltd with the enforcement of an arbitral award issued under the ICC Rules with parallel freezing of assets of the counterparty in Switzerland.

Wenger Vieli Ltd

Wenger Vieli Ltd acts on behalf of creditors of insolvent companies and (potential) debtors, such as former board members, and it also supports foreign borrowers. In cooperation with the M&A practice, it often handles distressed deals and restructuring matters. Another pillar is representing clients in insolvency disputes. Bankruptcy advisor Georg Zondler and corporate specialist Pascal Honold lead the group.

Practice head(s):

Georg Zondler; Pascal Honold

Other key lawyers:

Stefan Müller


‘Understanding our business, fast and efficient, well-coordinated.’

Key clients

Helvetia Wealth


Vinora AG

Luminator Technology Group (LTG), Texas, USA

Large institutional creditors of Lehman Brothers

Former board members of Swissair

Signa Retail Luxury Holding GmbH, Zurich, Switzerland/ Harng Central Department Store Ltd. (Thailand)

Work highlights

  • Representing Signa group and Central group in the Swiss transaction acquiring the luxury department stores GLOBUS from Migros Genossenschafts-Bund.
  • Representing the railway branch of LTG in a distressed M&A asset deal where an internationally acting public transport IT service provider has filed for bankruptcy in Switzerland.
  • Acting first as administrator and then as liquidator in composition procedures of Helvetia Wealth AG, an asset management company.