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From the magazine SZW-RSDA 5/2017 | S. 524-551 The following page is 524

Finanznotlagerecht

Im Gesetzesentwurf vom 23. November 2016

The Bill of 2016 for a revision of the Swiss Corporation Law addresses, with new and quite lengthy dispositions, the thorny problem of corporate reorganizations in the event of upcoming financial difficulties. On the one hand, the classical and quite formal equity-related ­approach of European Continental Law to prevent ­«unlawful trading» is maintained, i.e. the Board’s duty to take immediate measures for a financial reorganization as soon as a defined triggering event occurs – a ­severe loss of equity measured against share capital. Should things get worse, there is a duty to file for bankruptcy or a temporary moratorium as soon as the thresh­old of negative equity is reached. On the other hand, the Bill sets out to innovate. In the event of negative ­equity, it grants a 90 days’ period of grace to the Board allowing it to avoid a court filing if there are serious reasons to believe that the negative equity situation can be overcome by the Board’s own endeavors, no later than at the…

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