Assainissements dans le cadre d’un sursis concordataire ­(assainissements-sursis)

Although the Parliament has declined, a bit by accident, the proposal of the Federal Council to get rid of the provisions on the adjournment of bankruptcy (725a CO), it is again proposed deleting them in the context of the contemplated revision of corporate law. The question therefore is why, despite the revision aiming to facilitate restructuring (art. 293 ss LP), companies apparently continue preferring the adjournment of bankruptcy in circumstances where only a mere restructuring is envisaged (assainissement-sursis or restructuring moratorium). One reason may lie in the fact that the new provisions have been somehow jammed into a set of rules which were originally conceived as a mere provisional step (provisional moratorium) towards, eventually, the adoption of a judicial composition, and not as an end in itself. At best, it makes the new provisions difficult to read, thus creating uncertainties and unnecessary costs. Furthermore, some provisions appear to be ill-conceived for…