Zug Cantonal Court grants reciprocity in Singapore insolvency proceedings – International Law Office

Under Swiss law a foreign trustee of an insolvent foreign entity cannot act in relation to assets which are located in Switzerland, unless the respective foreign bankruptcy decree is recognised by a Swiss court. On recognition, a mandatory auxiliary insolvency procedure in Switzerland is initiated and a Swiss trustee is appointed. For a foreign bankruptcy decree to be recognised, the applicant must prove, among other things, that the state which rendered the bankruptcy decree would in turn recognise a Swiss bankruptcy decree (Articles 166 and following of the Code on Private International Law).

In a January 25 2018 d…