Die Auswirkungen des Covid-19-Solidarbürgschaftsgesetzes auf das Aktienrecht
In spring 2020, the Swiss Federal Council launched, among other things, the Covid-19 credit programme in response to the Covid-19 pandemic. About 20% of all Swiss corporations have subsequently taken out a Covid-19 loan. Initially, the Covid-19 Joint and Several Surety Ordinance («Covid-19-Solidarbürgschaftsverordnung») served as the legal basis of the credit programme. Later the ordinance was transferred into the Covid-19 Joint and Several Surety Act («Covid-19-Solidarbürgschaftsgesetz», «SBüG»). This essay deals with the impact of the SBüG on Swiss corporate law. It is shown that the SBüG imposes numerous restrictions on borrowers limiting the powers of their general shareholders’ meeting as well as the management bodies. The SBüG also imposes new duties on auditors. Since the legal provisions of the SBüG are often vague, there is not only an increased legal uncertainty in transactions but also a higher liability risk for the directors. Due to the widespread use and the eight-year…
