Regional news: Switzerland

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

Lugano bankruptcy exclusion applies to UK restructuring plans, English court rules

One avenue for recognition of some English restructurings in Europe may have been lost after the High Court ruled that the UK’s new restructuring plan is an insolvency proceeding for the purposes of the Lugano Convention’s bankruptcy exclusion.

17 February 2021

Class fracture as gategroup secures plan meetings

Swiss airline services provider gategroup has secured meetings for creditors to vote on its UK restructuring plan but the High Court has rejected its request to keep all the plan creditors in a single class.

11 February 2021

Alvarez & Marsal opens first Finnish office, hires from EY and Credit Suisse

Alvarez & Marsal has brought in two former EY partners to lead its new office in Finland and its Nordics restructuring practice, while its Swiss restructuring team has hired from Credit Suisse.

05 February 2021

Lehman necessity raised in gategroup convening hearing

Counsel to Swiss airline services provider gategroup said its UK restructuring plan is capable of affecting third party rights under the Lehman necessity principle as the second day of its convening hearing played out in the High Court.

04 February 2021

Swiss airline group seeks convening hearing for English restructuring plan

In a case that will examine whether the Lugano Convention's bankruptcy exemption applies to the new English restructuring plan, lawyers acting for Swiss airline services provider gategroup have applied to convene a meeting for a single class of creditors, telling the High Court they had to forum shop because “we can’t do this anywhere else”.

03 February 2021

Gleiss Lutz advising German retailer on self-administration

UPDATED: A German clothes retailer with international stores has filed preliminary insolvency proceedings, marking the first test of Germany’s newly strengthened self-administration rules.

15 January 2021

New Swiss Insolvency Rules and Lenders’ Rights Pre-Insolvency

Featured in Europe, Middle East and Africa Restructuring Review 2020

15 December 2020

Opposing creditors withdraw objections as Swissport seeks scheme sanctioning

An ad hoc group of Swissport’s senior unsecured noteholders has dropped its challenges to the Chinese-owned aviation group’s English scheme, just as the sanction hearing was due to start.

10 December 2020

VTB secures winding-up order against Hong Kong company

The Swiss branch of Ireland-registered VTB Commodities Trading has won a winding-up order against a Hong Kong company that owes it substantial US dollar and Euro denominated debts.

08 December 2020

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