April 2018

On 16 March 2018, the Swiss Parliament adopted the revision of the international insolvency provisions of the Swiss Private International Law Act ("PILA"). Such revision particularly aims at simplifying the recognition of foreign insolvency proceedings in Switzerland which shall lead to a reduction of costs and improved efficiency. The revised PILA is now subject to an optional referendum. If no referendum is requested by 5 July 2018, the Swiss Federal Council will determine the date of entry into force of the new international insolvency regime which will likely be towards the end of this year or in early 2019.