¹ A foreign bankruptcy decree shall be recognised in Switzerland on application of the bankruptcy administrator, the debtor or a creditor if:

a.

the decision is enforceable in the state where it was issued;

b.

there is no ground to deny recognition under Article 27; and

c.

the decision was issued:

1.

in the debtor’s state of domicile, or

2.

in the state of the centre of the debtor’s main interests, provided the debtor was not domiciled in Switzerland when the foreign proceedings were opened.

² If the debtor has a branch in Switzerland, the procedure provided for in Article 50 paragraph 1 of the Federal Act of 11 April 1889¹¹² on Debt Enforcement and Bankruptcy (DEBA) is permitted until the publication of the decision on recognition in accordance with Article 169 of this Act.

³ Where proceedings under Article 50 paragraph 1 DEBA have already been opened and the deadline under Article 250 DEBA has not expired, these proceedings shall be abandoned following recognition of the foreign bankruptcy decree. Claims already filed shall be included in the schedule of claims for the auxiliary bankruptcy proceedings in accordance with Article 172. The accrued procedural costs are deferred to the auxiliary bankruptcy proceedings.