Regional news: Switzerland
Kirkland, Alvarez and Moelis close the lid on Tupperware restructuring
UPDATE: Food container manufacturer Tupperware has sealed an out of court deal with lenders to preserve its operations, four months after raising “substantial doubt” about its ability to continue as a going concern.
07 August 2023
III-UNCITRAL, New York: “seeking perfection is a fantasy”
On the fifth anniversary of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments, lawyers, judges and academics from around the world discussed gaps that can be plugged by the new law and whether the UK will ever override the “questionable and outdated” Gibbs rule.
26 April 2023
Investors challenge US$17bn Credit Suisse write-down
Credit Suisse bondholders represented by Quinn Emanuel have pressed on with their plans to seek redress from Switzerland’s financial regulator after they lost billions of dollars from the bank's takeover by UBS.
25 April 2023
Credit Suisse bondholder group hires Quinn Emanuel
Quinn Emanuel has won a sought-after mandate to represent one group of Credit Suisse AT1 bondholders in their effort to recover losses suffered following the bank’s merger with Swiss rival UBS, while GRR understands two other groups are emerging that are in "advanced discussions" with Pallas Partners.
03 April 2023
Credit Suisse bondholders to choose lawyers
With Credit Suisse bondholders set to decide who to instruct following the wipe-out of their AT1 bonds, lawyers have been setting out their litigation strategies, including plans to argue that Switzerland's financial regulator was wrong to claim there was a “viability event” at the bank earlier this month.
27 March 2023
Legal action threatened as bondholders lose US$17bn in Credit Suisse takeover
Lawyers and investors tell GRR the takeover of troubled Swiss bank Credit Suisse by UBS could lead to the end of the market for Additional Tier 1 bank debt, with bondholders set to lose US$17 billion through the deal announced this weekend.
20 March 2023
COMI: Court of Appeal finds governing law of contracts does not displace place of registration presumption
An oil trader has failed to persuade an English court that a Maltese-registered oil company’s hard-to-determine centre of main interests is in England – the country whose law governed the pair’s contracts – in the latest UK decision to interpret the European Insolvency Regulation.
31 October 2022
Nord Stream 2 pipeline wins moratorium extension until January
The Swiss parent company of ill-fated offshore natural gas pipeline Nord Stream 2 has successfully obtained an extension of bankruptcy protection after sanctions imposed on Russia withered hopes the pipeline would secure the approval needed to operate.
12 September 2022
Swiss court weighs in on the distribution of liquidation surplus for dissolved entities
Switzerland’s highest court has ruled that where a company is liquidated due to organisational defects, the court-appointed cantonal bankruptcy office overseeing its liquidation must return surplus assets to either a debtor or a deposit and consignment fund.
24 March 2022