Facts
In 2000 and 2001, company Y., domiciled in the British Virgin Islands, granted four loans totaling over 7 million Swiss francs to company X. Ltd, headquartered in the Bahamas. By an agreement dated August 10, 2001, Y. assigned all rights arising from the loan contracts to company S., also domiciled in the British Virgin Islands. Y. claims that this assignment agreement is a forgery. The two companies, Y. and S., both claiming to be the creditors entitled to the repayment of the four loans, have each requested and obtained a seizure on the same assets of X. Ltd with the Leu bank and have each initiated enforcement proceedings to validate the seizure. The debtor X. Ltd does not dispute the claim as such, but it does not pay it because each of its alleged representatives wants it to be paid to a different creditor. In the enforcement proceeding to validate the seizure initiated by S., the Court of First Instance of the Canton of Geneva rejected the claimant's request for provisional release of the objection filed by one of the representatives of the debtor. On appeal by the claimant, the Court of Justice of the Canton of Geneva ordered the provisional release of the said objection. The debtor X. Ltd then appealed to the Federal Tribunal against this judgment.Considerations
According to Art. 82 DEBA, the creditor whose enforcement is based on a debt acknowledgment certified by a public deed or a private document may request provisional release, which the judge shall pronounce if the debtor does not immediately render plausible its release.
When the claim in enforcement results from a loan contract and the enforcing creditor relies on an assignment of claim or a contract…