Konkurs · bankruptcy
Bankruptcy is general enforcement: all of the debtor's distrainable assets form a single estate that serves to satisfy the creditors jointly. It is declared by the court and given public notice. In Swiss law it applies mainly to debtors entered in the commercial register, companies included, so insolvency, liquidation and winding-up are not substitutes in a translation.
Request a demoThe term in four languages
- German
- Konkurs
- French
- faillite
- Italian
- fallimento
- English
- bankruptcy
Definition
Bankruptcy is general enforcement declared by the court against a debtor who is, as a rule, registered in the commercial register. All distrainable assets belonging to the debtor when bankruptcy is declared, regardless of where they are located, form a single estate that serves to satisfy the creditors jointly. The bankruptcy administration realises the estate and distributes the proceeds according to the schedule of claims.
Swiss federal acts are published in German, French and Italian, and all three versions are equally authoritative. The English term shown here comes from the Federal Administration's English translation, published on Fedlex for information only. Where there is no translation, it follows common usage.
Full glossaryThe term in an official text
powered by Neur.onSämtliches pfändbare Vermögen, das dem Schuldner zur Zeit der Konkurseröffnung gehört, bildet, gleichviel wo es sich befindet, eine einzige Masse (Konkursmasse), die zur gemeinsamen Befriedigung der Gläubiger dient.
All distrainable assets belonging to the debtor at the time that bankruptcy is declared, regardless of where they are located, form a single estate (the bankruptcy estate) which serves to satisfy the creditors jointly.
Source: Fedlex, Federal Act on Debt Enforcement and Bankruptcy. In Corrext, this segment and the ones around it appear in Fast lookup CHnell, each with its reference.