Froriep Litigation Team obtains court order freezing customer assets of a bankrupt bank
Froriep | 13 October 2014
A bankrupt bank has been ordered by a Swiss judge to freeze assets belonging to a customer. The order was requested by Froriep's client who holds contractual relationships to the bankrupt bank and more than five hundred of the bank's customers. Due to the bank's bankruptcy, fulfilment of the bank's and its customers' obligations towards Froriep's client was jeopardized. This court order sets a precedent valuing the protection of creditors higher than the protection of a bank's customer assets. This is even more remarkable given that Swiss law protects the assets of a bank customer up to an amount of CHF 100'000 against any claims of a bank's creditors. This precedent opens the door for similar requests for precautionary measures regarding the assets of the remaining more than five hundred bank customers.
The Froriep's litigation team is led by partner Marcel Steinegger and includes associates in various Froriep offices, among others Stéphanie Oneyser and Alexandra Brenner.