Facts
The [X. AG] (appellant) was declared bankrupt by the Bankruptcy Court of Zurich on 24 November 2011. The appellant lodged an appeal against this decision with the High Court of the Canton of Zurich, which dismissed the appeal on 3 January 2012 and opened bankruptcy proceedings against the appellant. The appellant then lodged a civil law appeal with the Federal Court and requested that the opening of bankruptcy proceedings be revoked.
The appellant argued that it had credibly demonstrated its ability to pay and that the lower court had arbitrarily evaluated the evidence. It claimed that it had hidden reserves in its participations and that the claims of [U. AG] in liquidation were disputed.
The lower court had found that the appellant had not credibly demonstrated its ability to pay and that the claims of [U. AG] in liquidation were not disputed. It had also found that the appellant had debts of around CHF 30,000 and that it had not proven its ability to pay.
Considerations
The Federal Court examined the appeal and came to the conclusion that the lower court had not arbitrarily evaluated the evidence. It found that the appellant had not credibly demonstrated its ability to pay and that the claims of [U. AG] in liquidation were not disputed.
The Federal Court also pointed out that the appellant…