Practitioners' Comment On Foreign Bankruptcies In Switzerland

Since the enactment of its Private International Law Act in 1989, foreign winding-up orders have been recognised in Switzerland. In our Practitioners' Comment series, Nathalie Voser reports on a recent decision of the Bankruptcy Judge of the District Court in Zurich which will give practitioners an insight into the important legal and practical issues which ought to be considered by trustees in foreign bankruptcies seeking recognition of a foreign bankruptcy order in Switzerland in order to obtain funds located on Swiss territory.

Enforcement of foreign winding-up orders

The bankrupt company: a truly international background

The debtor was an "international company" formed in 1994 under the laws of the British Virgin Islands and with its registered office in Tortola (the "company"). Its place of business was in London, from where the two beneficial owners conducted its business. The creditors are American investors who used the company for investment purposes. The company's