Nachlassstundung · composition moratorium
The composition moratorium is the restructuring tool of Swiss law: it protects the debtor from debt enforcement while they negotiate with creditors, under the supervision of a commissioner. The English translation of the DEBA says composition moratorium, that of the Code of Obligations debt restructuring moratorium. The authoritative German, French and Italian texts use a single term.
Request a demoThe term in four languages
- German
- Nachlassstundung
- French
- sursis concordataire
- Italian
- moratoria concordataria
- English
- composition moratorium
Definition
The debtor, or a creditor entitled to file a bankruptcy petition, may apply to the composition court for a composition moratorium. The court first grants a provisional moratorium, which may not exceed four months in total. In justified cases, it may be extended by a maximum of four months (Art. 293a DEBA). As a rule, the court appoints a provisional commissioner. If there is a prospect of restructuring or of confirmation of a composition agreement, the court then grants a definitive moratorium of four to six months. At the commissioner's request, the definitive moratorium may be extended to 12 months and, in particularly complex cases, to 24 months. During the moratorium, debt enforcement proceedings may in principle neither be initiated nor continued against the debtor.
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.onWurde vor der Bewilligung der Nachlassstundung die Abtretung einer künftigen Forderung vereinbart, entfaltet diese Abtretung keine Wirkung, wenn die Forderung erst nach der Bewilligung der Nachlassstundung entsteht.
If the assignment of a future claim was agreed before the composition moratorium was authorised, this assignment shall have no effect if the claim only arises after the composition moratorium was authorised.
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.
Related terms
The enforcement procedure for the payment of a sum of money.
Konkurs · bankruptcyGeneral enforcement against all of the debtor's distrainable assets.
Rechtsöffnung · setting aside of an objectionThe court decision that sets aside the debtor's objection so that debt enforcement can continue.