Dismissal of the appeal by X. ApS in liquidation against the revocation of the attachment order

Facts

The Danish company X. ApS in liquidation had obtained an attachment order against the company Y. Corp. domiciled in Belize from the District Court of St. Gallen. This attachment order was revoked by the single judge of the District Court of St. Gallen. X. ApS in liquidation appealed against this decision to the Federal Supreme Court.

The background is that the Danish national S. had to file for bankruptcy in Denmark in March 2006. X. ApS, a Danish company, was under the management of S. from 2005 to 2006. On June 13, 2006, the voluntary liquidation of X. ApS was decided. Y. Corp. was incorporated in Belize on February 24, 2006.

The disputed assets are in the total amount of DKK 244,696,462.40, which were initially held in an account of R. ApS in Gibraltar, then transferred to an account of X. ApS and finally on April 11, 2006 to an account of Y. Corp. at B. Bank AG in St. Gallen. X. ApS in liquidation argues that S. unlawfully diverted the assets.

Considerations

The Federal Supreme Court dismisses the appeal of X. ApS in liquidation. It considers it not arbitrary that the lower instance denied the credibility of a claim for damages by X. ApS as the basis for the attachment order.

The lower instance correctly considered that the presumption of ownership under Art. 930 of the Swiss Civil Code (ZGB) does not apply, as X. ApS was unable to credibly demonstrate a legal basis for the acquisition of the assets. X. ApS also failed to credibly demonstrate a claim for…