Federal Law, Banks And Savings Banks, Section XIII, Special Provisions

Section XIII - Special Provisions for Bankruptcy and Arrangements with Creditors

Art. 36

1. In the bankruptcy procedure, a receiver in bankruptcy is appointed unless a commissioner has already been appointed to this effect.

2. The receiver in bankruptcy exercises all powers, including those of the meeting of creditors. Appeals against his orders can be lodged with the bankruptcy court as sole cantonal authority within 10 days alter the interested party has received knowledge of the order. The decision taken on the complaint can be appealed to the Federal Court.

3. Claims contained in the bank's books of account are considered as registered.

4. The cantonal governments must designate one single cantonal authority as bankruptcy court.

5. The Federal Court can issue additional regulations for the bankruptcy proceedings which may deviate from the Federal Law on Debt Collection and Bankruptcy dated April 11, 1889.


Art. 37

1. When a bank files an application for proceedings for a moratorium, the competent authorities appoint a provisional receiver who exercises the same powers as the regular receiver until a decision has been made in respect to the application or until adjudication in bankruptcy has taken place. An auditing firm, recognised under the banking laws, may be designated as provisional receiver. In the event a commissioner, according to Article 30, has already been appointed, the latter becomes the provisional receiver. Legal transactions carried out by the bank alter closing of its offices or in the period between the filing of the application for a moratorium and the appointment of the provisional receiver are not valid in respect of its creditors.

1bis Where a bank has filed a request for proceedings for a moratorium, the bankruptcy court suspends the adjudication of bankruptcy until such time as the application has been processed.

1ter If the application for a moratorium is approved by the competent authorities, a regular receiver is appointed, unless a commissioner has already been appointed for such purpose.

2. Appeals against the receiver's orders can be lodged, within ten days alter the interested party has received knowledge of the order, with the authorities for such proceedings which is the sole cantonal authority. The decision taken on the complaint can be appealed to the Federal Court.

3. In the case of proceedings for arrangements with creditors, payment is deferred for a period of six months; if necessary it can be extended for another six months.

4. Claims contained in the books of the bank are considered to have been registered.

5. There is no meeting of the creditors. Once the arrangement with creditors has been drafted, and has been made accessible for inspection, the creditors must be publicly invited to raise their objections.

6. The moratorium shall be approved only if the requirements of Article 306 of the Federal Law on Debt Collection and Bankruptcy are met, and if examination of all the circumstances establishes that the interests of all creditors are better served by a moratorium than by bankruptcy proceedings.

7. The moratorium can grant an adequate deferral of the payment of claims that are secured by pledges.

8. The cantonal government must designate one single cantonal court as the competent authority.

9. The Federal Court can issue additional regulations relating to moratorium proceedings which may deviate from the Federal Law on Debt Collection and Bankruptcy, dated April 11,1889.

Prepared by: M. J. Wharton.

KPMG Fides unofficial translation of Swiss Federal Law - Banks And Savings Banks.
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