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From the magazine SZW-RSDA 3/2019 | S. 249-263 The following page is 249

«Exit» aus der Nachlassstundung nach erfolgreicher Sanierung – ­Erste Erkenntnisse zum neuen Art. 296a SchKG

Under Swiss insolvency laws, companies in financial distress aiming at a restructuring rather than a winding-up can opt for a debt-restructuring moratorium (Nachlassstundung) as an alternative to bankruptcy proceedings. While composition proceedings are significantly less frequent in practice than formal bankruptcy proceedings, they are often used by major companies with numerous employees and a large creditor network which seek to restructure their debts or realize their assets in a more flexible manner while being able to continue business operations (even though under supervision of a court-appointed administrator). Consequently, a moratorium can have a significant practical impact on the economic outcome for creditors, as it was, most notably, the case in the Swissair insolvency where compositions proceedings were opened (and are still ongoing) in respect of all major group companies. In the past, though, the options and chances under a composition moratorium were rather limited…

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