Obtain advice on bankruptcy proceedings

If a debt collection procedure is successfull, a bankruptcy petition is issued and notified if the debtor is a company. The debtor then has 20 days in which to pay the amounts owed, failing which he will be declared bankrupt. In some cases, it is possible to avoid bankruptcy, but it is imperative to take certain steps with the court.

If bankruptcy is declared, the case file is forwarded to the relevant bankruptcy office, which proceeds with an inventory of the bankrupt's assets. If these assets are not sufficient to cover at least the costs of the bankruptcy, the procedure may stop at this stage.

If the procedure continues, the office publishes a notice in the Swiss Official Gazette of Commerce (FOSC), so that the bankrupt's debtors and creditors can announce their debts and claims. Once these are known, the office finalizes the inventory and draws up the claims report, i.e. the list of creditors and the amounts of their respective claims. It is important to know that the inventory and the claims report can be contested, for example if it is felt that certain assets should not be included in the inventory, or that certain creditors should not be admitted to the claims report. The deadlines for taking action are 10 and 20 days respectively. It is therefore important to act early in these situations.

Legalify offers assistance in the event of bankruptcy proceedings before a court or bankruptcy office. Contact our lawyers for more information.