Facts
On August 29, 2007, Y. filed a payment action against X., a Brazilian company, before the Supreme Court of the State of New York. On October 19, 2007, Y. obtained the sequestration of X.'s assets held by the Geneva branch of Z. On November 16, 2007, Y. requested enforcement proceedings against X. On November 25, 2008, the Supreme Court of New York ordered X. to pay Y. the sum of 17,167,300 US dollars. On February 2, 2009, the Court of First Instance of Geneva declared this judgment enforceable in Switzerland.
On March 13, 2009, the Court of Justice of Sao Paulo ordered the judicial reorganization of X., accompanied by several measures. On July 6, 2009, X. requested the recognition and enforcement of this Brazilian judgment before the Court of First Instance of Geneva, which granted the request on October 27, 2009. Seized by an appeal from Y., the Court of Justice of the Canton of Geneva only recognized and declared the Brazilian judgment enforceable for the period from March 13 to September 11, 2009.
Considerations
According to the Federal Tribunal, a concordat or similar procedure approved by a foreign court is recognized in Switzerland, with Articles 166 to 170 of the PILA being applicable by analogy. The Court held that a decision corresponding to a concordat moratorium is eligible for recognition, even if it has not yet been approved.
The recognition of a concordat moratorium granted abroad results in the suspension of enforcement proceedings in Switzerland under Article 297(1) of the DEBA. However, the recognition of a concordat approved abroad leads…