Counterparty unnamed · Swiss asset manager · Zug/Baar corridor · multi-strategy · creditor now Liechtenstein AG after assignment · CHF mid-seven figures acknowledged.
How these files start
A fund platform markets compliance-first infrastructure. LPs enter multi-strategy and side-pocket narratives. An external auditor resigns. Board resolutions stop appearing. Share register entries promised at notary never land. A shareholder loan sits on the balance sheet with a polite acknowledgment — then silence.
Transition was the plan. Stall became the fact pattern.
What «transition» should have included
- Clean LP / shareholder register with dated transfers and notarised lines where required.
- Auditor handover — filed, not «in progress».
- Side-pocket inventory: what is liquid, what is litigating, what is worthless — in writing.
- Cross-border counsel loop: Switzerland for corporate defects, Liechtenstein if the creditor or token parent sits there.
- No new marketing until governance works — DocSend decks do not satisfy OR duties.
What we did when transition failed (names withheld)
Parallel tracks, not rage-clicking one button:
- Debt enforcement — Betreibungsamt Baar, payment order on acknowledged CHF 1'547'867 + 5% interest from 31.12.2022; assignment to Equanimity AG March 2026.
- Criminal complaint — Staatsanwaltschaft Zug; documented delicts (Untreue, Buchführung, Gläubigerbenachteiligung among others); single complainant discipline.
- Organmangel — OR Art. 731b petition when organs exist on slides only (companion piece).
One procedure dissolved the company in June 2026; another track became moot the next day. That is normal — timing maps matter more than press releases.
Lesson for LPs and co-investors
Fund manager transition is not HR — it is corporate law with a deadline. If you are asked to wait «until the new audit firm is presented» for eighteen months, index the defect days. If you are the manager, finish the register entry before the next pitch.
We are not Swiss trial counsel. We are the house that holds the cross-border dossier, indexes Beilagen, and stays calm when three authorities run in parallel. That is the mandate.