IFLR: New law for the recogntion of foreign insolvency decrees in Switzerland
In international insolvencies, the insolvency administrator and creditors have to look for assets of the debtor in foreign jurisdictions. To what extent this is possible depends on the local legal framework. Switzerland applies the concept of territoriality according to which foreign bankruptcy decrees need to be formally recognised. Because in practice the strict legal requirements have sometimes made the recognition of a decree difficult, Swiss legislation has now been revised.
A new law removes some of the major burdens and will facilitate the recognition of foreign insolvency decrees. The practical implications of this new law will still have to be looked into.
The Insolvency Review 2018: Switzerland
In the 2018 edition “The Insolvency Review” Daniel Hayek and Laura Oegerli give a comprehensive overview of the most important aspects of Swiss insolvency law and the newest developments in this area.
Interview with Christoph Graber at the Who’s Who Legal Roundtable
As one of five insurance law experts Christoph Graber discusses current topics, changes and developments in the areas of insurance and reinsurance – from the perspective of lawyers and their clients:
Link to Article
The Restructuring Review – Switzerland
Daniel Hayek and Chantal Joris published the Swiss chapter in the latest edition of The Restructuring Review. In this chapter, the authors give an overview of the distinctive features of Swiss restructuring laws.
Smart Contracts under Swiss Law
This paper examines the legal qualification of Smart Contracts under Swiss law and gives an over-view over how Smart Contracts may interact with the fundamental rules of contract law. Furthermore, on the basis of this examination the need for legislative action with respect to Smart Contracts will be assessed.
It is concluded that the potential applications of Smart Contracts on the blockchain are vast and sound very promising. If applied in a sensible way this technology indubitably will lead to gains in efficiency of contract execution and lower transaction costs.
However, Smart Contracts will not prevent contractual disputes from arising. Consequently, parties will still resort to court actions. In these cases, Smart Contracts may tend to make things more complicated because while they may not eliminate the need for courts they limit the accessibility of courts for their parties via their self-enforcing nature.
Furthermore, while Smart Contracts may attempt to substitute law by code that does not mean that they will be able to render the law useless. There will still be need for mandatory law for various purposes, including, but not limited, to protect the parties from adverse consequences which the Smart Contract technology itself may produce.
The paper can be found in the FinTech Edition, Issue 1, 2018.