



Prager Dreifuss advises trustee of a U.S. Chapter 11 Bankruptcy Process on recognition in Switzerland
On October 3, 2024, the Zurich District Court recognized, for the first time, the trustee of a U.S. Chapter 11 bankruptcy proceeding as a foreign bankruptcy administrator in Switzerland, while waiving the auxiliary bankruptcy proceedings. The trustee may now, subject to Swiss law, exercise all powers in Switzerland to which he is entitled under U.S. law, in accordance with Article 174a, Paragraph 4 of the Swiss Private International Law Act (PILA). Notably, this includes the right to obtain information about the debtor’s assets in Switzerland and the right to transfer these assets abroad.
Prager Dreifuss advises trustee of a U.S. Chapter 11 Bankruptcy Process on recognition in Switzerland
Prager Dreifuss has provided the trustee with its extensive experience in cross-border insolvency matters to successfully achieve the recognition of the U.S. Chapter 11 restructuring proceeding and the trustee’s status as a foreign bankruptcy administrator. Prager Dreifuss also represents the trustee in all other aspects of Swiss law related to this matter. The Prager Dreifuss team, led by Partners Daniel Hayek and Mark Meili, also includes Attorney-at-law Oliver Jany and Attorney Trainee Shannon Sangiorgio.