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Is Switzerland opening up for cross-border insolvency?

Is Switzerland opening up for cross-border insolvency?

Traditionally, Switzerland protects itself against the effects of non-Swiss insolvency proceedings. In a recent case regarding Van der Moolen Effecten Specialist B.V, the Swiss Financial Market Supervisory Authority took a different view.

In 2008 Switzerland enacted revised legislation applying to banks and other regulated financial institutions (Federal Law on Banks and Savings Banks, LB) which may substantially facilitate the work of a foreign insolvency administrator of such institutions.

The Eidgenössischen Finanzmarktaufsicht or Swiss Financial Market Supervisory Authority (FINMA), in Bern, is responsible for both commencing and conducting restructuring and insolvency proceedings in relation to individuals and legal entities carrying on business as a bank or as a securities dealer, for which a licence is required. In cases that are determined under these rules, the reciprocity requirement has to be met. Reciprocity (Gegenrecht or Reciprocité) means that the Swiss court examines whether the foreign jurisdiction would, under similar circumstances, also recognise a Swiss insolvency judgment at conditions which are not reasonably less favourable than the conditions that apply in Switzerland for recognition of a foreign insolvency judgment.

In a recent case FINMA gave an order (Verfügung) on 8 November 2011 which relates to the Dutch company Van der Moolen Effecten Specialist B.V. (“VMES”), a company in the group of Van der Moolen N.V., a financial trading house with headquarters in Amsterdam and offices in the United Kingdom, France, Switzerland and Germany, and formerly in the United States. On 22 September 2009 the Amsterdam District Court opened insolvency proceedings towards VDMS. With the approval of the Dutch Supervisory Judge, the liquidators requested to open insolvency proceedings in Switzerland related to VMES’s Swiss Branch, in Zug, which was in insolvency in Switzerland. In these latter proceedings the estate contained a claim for tax returns of over 16 mio Swiss francs.

The interesting part in the order is related to the requirement of reciprocity. FINMA observes that the Netherlands lack rules regarding whether Swiss insolvency proceedings will be recognised in the Netherlands. FINMA then applies a result-oriented (ergebnisorientierten) comparison of both legal systems: would it be possible directly or indirectly to include assets located in the Netherlands in a Swiss insolvency proceedings? Where in this case the liquidators had reached an agreement with the Swiss authorities, that included the possibility of transferring the lager part of the assets in Switzerland to the Dutch estate, FINMA considers that Swiss liquidators could likewise operate in the Netherlands, a legal situation considered by FINMA to be equivalent and sufficient for the purposes of reciprocity.

On the effects of the recognition in Switzerland the decision of FINMA displays that the LB contains coordination provisions between insolvency proceedings pending both in the Netherlands as well as in Switzerland: both proceedings should to the maximum extent (soweit als möglich) be adjusted (abzustimmen), which includes the provision of equal treatment of creditors that were partly refunded abroad and creditors, which are participating in the Swiss proceedings. Furthermore, because all creditors had already filed their claims in one of the proceedings, FINMA explicitly abstains (with an eye on process-economy; zugunsten der verfahrensökonomie) from otherwise applicable rules and acts itself as liquidator.

In the light of Switzerland’s isolated position in international insolvency, this is an interesting development. FINMA even goes one step further: “Dieser Grundsatz ist allgemein auf parallele Insolvenzverfahren in In- und Ausland anzuwenden”, meaning that the principle of cross-border coordination in general should be applied on insolvency proceedings pending in Switzerland and abroad.

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Ramonrot RamonrotLN

<a href=https://adti.uz><img src="https://i.ibb.co/y5XQWwR/2.jpg"></a>



Over the years of independence, the institute has trained more than 13000 physicians (including 800 clinical interns, 1116 masters, 200 postgraduates and 20 doctoral students) in various directions.

870 staff work at the institute at present,<when>] including 525 professorial-teaching staff in 55 departments, 34 of them are Doctors of science and 132 candidates of science. 4 staff members of the professorial-teaching staff of the institute are Honoured Workers of Science of the Republic of Uzbekistan, 3 – are members of New-York and 2 – members of Russian Academy of Pedagogical Science.

The institute has been training medical staff on the following faculties and directions: Therapeutic, Pediatric, Dentistry, Professional Education, Preventive Medicine, Pharmacy, High Nursing Affair and Physicians’ Advanced Training. At present<when>] 3110 students have been studying at the institute (1331 at the Therapeutic faculty, 1009 at the Pediatric, 358 at the Dentistry, 175 students at the Professional Education Direction, 49 at the faculty of Pharmacy, 71 at the Direction of Preventive Medicine, 117 ones study at the Direction of High Nursing Affair).

Today graduates of the institute are trained in the following directions of master's degree: obstetrics and gynecology, therapy (with its directions), otorhinolaryngology, cardiology, ophthalmology, infectious diseases (with its directions), dermatovenereology, neurology, general oncology, morphology, surgery (with its directions), instrumental and functional diagnostic methods (with its directions), neurosurgery, public health and public health services (with its directions), urology, narcology, traumatology and orthopedics, forensic medical examination, pediatrics (with its directions), pediatric surgery, pediatric anesthesiology and intensive care, children's cardiology and rheumatology, pediatric neurology, neonatology, sports medicine.

The clinic of the institute numbers 700 seats and equipped with modern diagnostic and treating instrumentations: MRT, MSCT, Scanning USI, Laparoscopic Center and others.

There are all opportunities to carry out sophisticated educational process and research work at the institute.

Source:
https://adti.uz/
<a href=https://adti.uz/>medical institute</a>

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