Court dismisses case against 14 ex-heads of bankrupt Swissair

Court dismisses case against 14 ex-heads of bankrupt Swissair

A Zurich court has rejected a case brought by the liquidators of former airline Swissair demanding that 14 ex-directors in the company be held responsible for some CHF280 million ($292 million). The grounding and bankruptcy of the former Swiss national airline dates back to 2001, but the fallout continues: on Friday, the commercial court of canton Zurich ruled on the latest liquidation row, involving 14 ex-CEOs and financial officers. Those administrating the liquidation of the company had brought claims of an “exceptional extentâ€�, the court said, with the combined arguments of plaintiffs and defendants coming to some 18,000 pages. Concretely, the liquidators argued that the 14 had acted disloyally in abandoning the debts associated with a loan that the airline had made to its parent company SAirGroup in the lead-up to the bankruptcy. When Swissair collapsed in October 2001, the loans could not be repaid, and this was the fault of the 14 defendants’ actions, the accusation …



Source link

Share This Post

Post Comment