Facts
In this case, it was about a liability lawsuit against the organs of the bankrupt [U. AG] . [U. AG] was a holding company that mainly held participations in other companies. In 1999, both [U. AG] and its subsidiary [W. SA] went bankrupt. The Belgian companies [Z.A.] , [Z.B.] , [Z.C.] and [Z.D.] (the appellants) were holders of a convertible loan of [U. AG] and filed a liability lawsuit against the members of the Board of Directors [E.] and [F.] (the respondents) of [U. AG] after the bankruptcy.
The appellants claimed that the respondents had breached their duties as organs of [U. AG] by granting an unsecured loan to [W. SA] , conducting the revocation process against the appellants in a frivolous manner, and failing to report the over-indebtedness of [U. AG] in a timely manner. They demanded damages of around 4 million Swiss francs.
Considerations
The Federal Court concluded that the lower instance had rightly not found any breach of duty by the respondents in connection with the conduct of the revocation process and the notification of the over-indebtedness of [U. AG] .
Regarding the granting of the loan to [W. SA] , the Federal Court remanded the case to the lower instance for re-assessment, as it…