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Insolvency Law Of Switzerland
The insolvency law of Switzerland is the law governing insolvency, foreclosure, bankruptcy and debt restructuring proceedings in Switzerland. It is principally codified in the ''Federal Statute on Debt Enforcement and Bankruptcy'' (german: link=no, Bundesgesetz über Schuldbetreibung und Konkurs, SchKG; french: link=no, Loi fédérale sur la poursuite pour dettes et la faillite, LP; it, link=no, Legge federale sulla esecuzione e sul fallimento, LEF) of 11 April 1889 (as amended) as well as in ancillary federal and cantonal laws. For historical reasons, Swiss federal law only covers the enforcement of monetary debts payable in Swiss francs, while non-monetary obligations are enforced according to cantonal rules of procedure. These cantonal rules of procedure will in 2011 be replaced by Switzerland's first national Code of Civil Procedure (''Schweizerische Zivilprozessordnung, ZPO''). Introductory proceedings Creditors may initiate debt enforcement proceedings (''Betreibungsverfah ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lugano Convention
The Brussels Regime is a set of rules regulating which courts have jurisdiction in legal disputes of a civil or commercial nature between individuals resident in different member states of the European Union (EU) and the European Free Trade Association (EFTA). It has detailed rules assigning jurisdiction for the dispute to be heard and governs the recognition and enforcement of foreign judgments. Instruments Five legal instruments together form the Brussels Regime. All five legal instruments are broadly similar in content and application, with differences in their territory of application. They establish a general rule that individuals are to be sued in their state of domicile and then proceed to provide a list of exceptions. The instruments further provide for the recognition of judgments made in other countries. Brussels Convention (1968) Recognition and enforcement of judgments in civil and commercial cases was originally accomplished within the European Communities by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Chancellery Of Switzerland
The Federal Chancellery of Switzerland is a department-level agency of the federal administration of Switzerland. It is the staff organisation of the federal government, the Federal Council. Since 2016, it has been headed by Federal Chancellor Walter Thurnherr of the Christian Democratic People's Party of Switzerland. History The Federal Chancellery was established by the 1803 Act of Mediation, before that, the recess notes were held by the cantonal chancellery of the canton that was hosting the tagsatzung. Until the establishment of the federal state in 1848, the chancellery was one of the few permanent offices of the Swiss Confederation. During the first years, the Federal Chancellor was tasked with managing the protocol and the agenda of the tagsatzung, writing and printing the recess notes, the correspondence with the cantons and foreign nations, and maintaining the Federal archives. After 1848, the Chancellery was attached to the Federal Department of Home Affairs unt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kluwer
Wolters Kluwer N.V. () is a Dutch information services company. The company is headquartered in Alphen aan den Rijn, Netherlands (Global) and Philadelphia, United States (corporate). Wolters Kluwer in its current form was founded in 1987 with a merger between Kluwer Publishers and Wolters Samsom. The company serves legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare markets. It operates in over 150 countries. History Early history Jan-Berend Wolters founded the Schoolbook publishing house in Groningen, Netherlands, in 1836. In 1858, the Noordhoff publishing house was founded alongside the Schoolbook publishing house. The two publishing houses merged in 1968. Wolters-Noordhoff merged with Information and Communications Union (ICU) in 1972 and took the name ICU. ICU changed its name to Wolters-Samsom in 1983. The company began serving foreign law firms and multinational companies in China in 1985. In 1987, Elsevier, the largest publishing house in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Orell Füssli
Orell Füssli is a Swiss printing and bookselling company, established by Christoph Froschauer in 1519 as a book printer and publisher. It is currently operating in many print-related segments, such as security printing, bookselling and publishing, with security printing being a primary contemporary product of company. Company's shares are traded on SIX Swiss Exchange () since 1897. It is the oldest continuously publicly traded company of Switzerland. History From Froschauer Druckerei (1519) to "Orell, Gessner, Füssli & Cie." (1770) At the beginning of the 16th century, the Imperial free city of Zurich became increasingly important as a location holding the Federal Diet of Switzerland. After the position of the ''Leutpriestertum'' (people's priest) of the Grossmünster at Zurich became vacant in late 1518, the canons of the foundation in charge of the Grossmünster elected Ulrich Zwingli to become the stipendiary priest and on 27 December 1519 he moved permanently to Zurich ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stämpfli (publisher)
Stämpfli Group AG is a Swiss graphic arts company and a publishing house based in Bern. The Group includes 5 subsidiaries and employs about 420 people. The company origin dates back to 1599 and today it is run by the 6th generation of the same family, brothers Rudolf and Peter Stämpfli. Production The main business of the Group, provided by Stämpfli AG, includes the design, creation, production and logistics of publications and the integration of publishing systems. Stämpfli All Media AG developed and licensed software for database-based communication solutions and systems for content management at home and abroad and provided hosting and other IT services. In 2012, it was integrated into Stämpfli Publikationen AG. The Stämpfli GmbH subsidiary in Bregenz is a specialist for the development, implementation and maintenance of standardized, individually configured product information management (PIM) solutions and the further development of the PIM software mediaSolution ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swissair
Swissair AG/ S.A. (German: Schweizerische Luftverkehr-AG; French: S.A. Suisse pour la Navigation Aérienne) was the national airline of Switzerland between its founding in 1931 and bankruptcy in 2002. It was formed from a merger between Balair and Ad Astra Aero (''To the Stars''). For most of its 71 years, Swissair was one of the major international airlines and known as the "Flying Bank" due to its financial stability, causing it to be regarded as a Swiss national symbol and icon. It was headquartered at Zürich Airport, Kloten. In 1997 the Swissair Group was renamed SAirGroup (although it was again renamed Swissair Group in 2001), with four subdivisions: SAirlines (to which Swissair, regional subsidiaries Crossair and Belair, and leasing subsidiary FlightLease belonged), SAirServices, SAirLogistics, and SAirRelations. By the late 1990s, Swissair was burdened by over-expansion as a result of the controversial " Hunter Strategy". The crash of Swissair Flight 111 in 1998, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SAirGroup
Swissair Aktiengesellschaft, AG/S.A. (corporation), S.A. (German language, German: Schweizerische Luftverkehr-AG; French language, French: S.A. Suisse pour la Navigation Aérienne) was the national airline of Switzerland between its founding in 1931 and bankruptcy in 2002. It was formed from a merger between Belair (airline), Balair and Ad Astra Aero (''To the Stars''). For most of its 71 years, Swissair was one of the major international airlines and known as the "Flying Bank" due to its financial stability, causing it to be regarded as a Swiss national symbol and icon. It was headquartered at Zürich Airport, Kloten. In 1997 the Swissair Group was renamed SAirGroup (although it was again renamed Swissair Group in 2001), with four subdivisions: SAirlines (to which Swissair, regional subsidiaries Crossair and Belair (airline), Belair, and leasing subsidiary FlightLease belonged), SAirServices, SAirLogistics, and SAirRelations. By the late 1990s, Swissair was burdened by over- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Fraud
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraudulent Transfer
A fraudulent conveyance, or fraudulent transfer, is an attempt to avoid debt by transferring money to another person or company. It is generally a civil, not a criminal matter, meaning that one cannot go to jail for it, but in some jurisdictions there is potential for criminal prosecution. It is generally treated as a civil cause of action that arises in debtor/ creditor relations, particularly with reference to insolvent debtors. The cause of action is typically brought by creditors or by bankruptcy trustees. Overview A transfer will be fraudulent if made with actual intent to hinder, delay, or defraud any creditor. Thus, if a transfer is made with the specific intent to avoid satisfying a specific liability, then actual intent is present. However, when a debtor prefers to pay one creditor instead of another, that is not a fraudulent transfer. There are two types of fraudulent transfer—''actual fraud'' and ''constructive fraud''. ''Actual fraud'' typically involves a debtor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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