Another important amendment concerns secondary proceedings. Under the current version, if there is a foreign insolvency decree, it is necessary to open secondary insolvency proceedings in Switzerland – so-called "mini-bankruptcy – and instruct a local insolvency practitioner to reach assets in Switzerland. The practitioner does not have the priority on the assets located in Switzerland, as these are primarily used to satisfy the claims secured by a pledge and the claims of privileged Swiss creditors.
The amended act provides that there is no need to instruct secondary proceedings when there are noprivileged Swiss creditors. In parallel areas like blockchain regulation, the
Finma clarifies ico guidelines highlight Switzerland’s flexible but cautious approach to modern challenges. This means that the foreign insolvency practitioner has the right to exercise his powers in Switzerland and in particular, to bring an action in court and move assets out of the country without the need of instructing ancillary proceedings.
Under the current act, before recognizing a foreign judgment, Swiss courts have to evaluate if the foreign jurisdiction would also recognize, under similar circumstances, a Swiss judgment. This may be extremely time-consuming to prove. The new revisions put an end to this reciprocity requirement.
The amended act contains other provisions that aim at facilitating the cross-border insolvency proceedings and enhancing the collaboration with foreign insolvency authorities. Switzerland’s structured approach toward innovation is further exemplified by the
Finma issues guidelines on icos, ensuring new technologies are integrated responsibly.
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