Insights
Adjudication of Bankruptcy Without Prior Debt Enforcement
As a general rule, creditors with outstanding claims must first initiate debt enforcement before they can file a petition in bankruptcy. However, if a creditor's interests are at particular risk or if a company has completely ceased making payments, bankruptcy can be opened without prior debt enforcement.
Bankruptcy from a Creditor’s Perspective
Bankruptcy has serious consequences not only for the owners and employees of the affected business, but also for its business partners. It is therefore important for creditors to understand how bankruptcy proceedings work and what rights they have.
Wallet Provider Insolvency - This Is What Happens to Crypto Assets Held in Custody
Not your key, not your coin - this principle also applies in Swiss insolvency law. However, under certain conditions, crypto-based assets held by a third party can be separated from the insolvency estate of a wallet provider for the benefit of customers. Whether assets will be returned successfully depends upon the exact form of custody.
Bankruptcy Due to Lack of Organization: Companies Without a Valid Domicile Are at Risk of Court-ordered Dissolution
Every Swiss company must have a legal domicile that is entered in the commercial register. If no mail can be delivered to the registered address or if no new domicile is registered after deletion, this constitutes an “organizational defect” which can lead to the liquidation of the company under bankruptcy law.