De tijd and De Standaard mention that Swissair has been sentenced to pay a fine of 18,3m€ in the Sabena bankrupcy case. Yet, this does not mean that Sabena or the Belgian government will receive their money soon. This process can only be initiated after the entire liability has been estimated!
To be continued...
Sabena bankrupcy: Swissair sentenced
Moderator: Latest news team
Re: Sabena bankrupcy: Swissair sentenced
18,3 M€ ? That's nothing. Swissair has stolen dozens times more from Sabena. Anyway, Swissair doesn't have the money to pay the fine. And the Belgian taxpayer will endure the consequences...
André
ex Sabena #26567
ex Sabena #26567
Re: Sabena bankrupcy: Swissair sentenced
As if nobody knew the outcome of the investigations ....
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Re: Sabena bankrupcy: Swissair sentenced
Fwiw, total liability should be somewhere in the neighborhood of 3 billion, but the prosecutor is asking for over 1 billion for the remaining creditors.
Re: Sabena bankrupcy: Swissair sentenced
There are a lot of topics here about Swissair's involvement with the Sabena bankruptcy, but there is an update on one particular case:
SRF Schweizer Radio und Fernsehen today reports that the Swiss Federal Court has ruled against a verdict (2012) from the Zürich High Court, in which a Belgian verdict (2011) against Swissair was declared valid in Switzerland. The Swiss Federal Court now states that a foreign verdict cannot be implemented into a Swiss bankruptcy case.
Karl Wüthrich, liquidator Swissair, states: "Wieviel die Sabena aus dem Swissair-Nachlass fordern dürfe, werde demnach in der Schweiz entschieden, und nicht in Brüssel". Translated: How much Swissair has to pay to Sabena will now be decided in Switzerland and not in Belgium".
Source: SRF:
http://www.srf.ch/news/wirtschaft/vorer ... na-klaeger
SRF Schweizer Radio und Fernsehen today reports that the Swiss Federal Court has ruled against a verdict (2012) from the Zürich High Court, in which a Belgian verdict (2011) against Swissair was declared valid in Switzerland. The Swiss Federal Court now states that a foreign verdict cannot be implemented into a Swiss bankruptcy case.
Karl Wüthrich, liquidator Swissair, states: "Wieviel die Sabena aus dem Swissair-Nachlass fordern dürfe, werde demnach in der Schweiz entschieden, und nicht in Brüssel". Translated: How much Swissair has to pay to Sabena will now be decided in Switzerland and not in Belgium".
Source: SRF:
http://www.srf.ch/news/wirtschaft/vorer ... na-klaeger
Re: Sabena bankrupcy: Swissair sentenced
The Swiss Supreme Court has rejected two claims from the Sabena liquidators against the Swissair liquidators. The Swiss Court rejects a verdict of a Belgian court that a Belgian court may decide on the amount of the indemnity: "must be a Swiss court", the Swiss Supreme Court now ruled.
http://deredactie.be/cm/vrtnieuws/economie/1.2386858
http://www.hln.be/hln/nl/957/Binnenland ... elen.dhtml
http://deredactie.be/cm/vrtnieuws/economie/1.2386858
http://www.hln.be/hln/nl/957/Binnenland ... elen.dhtml
Re: Sabena bankrupcy: Swissair sentenced
Methinks that if the judges of two different countries have opposite views, an international tribunal should take over.
André
ex Sabena #26567
ex Sabena #26567
Re: Sabena bankrupcy: Swissair sentenced
Very very long article:
http://www.mondaq.com/x/411108/Insolven ... eedings+In
http://www.mondaq.com/x/411108/Insolven ... eedings+In
Re: Sabena bankrupcy: Swissair sentenced
Swissair expects to complete its bankruptcy in 2020, 19 years of declaring the proceedings, according to the liquidator.
André
ex Sabena #26567
ex Sabena #26567
Re: Sabena bankrupcy: Swissair sentenced
Swissair liquidator and the curatorship of Sabena are both seeking to recover debts arising from the former partnership of the two airlines. Swissair aims to recover €20 million (why? They stole already so much) and Sabena aims to recover €80 million.
André
ex Sabena #26567
ex Sabena #26567
Re: Sabena bankrupcy: Swissair sentenced
Swissair liquidator claims to have received requests for reimbursement of US$21.6 billion from 15,000 creditors. The former management and the former board of directors must pay $2.97 million. The $324 million liquidation procedure is in its final phase, 20 years after shutting down.
André
ex Sabena #26567
ex Sabena #26567