Ordinance of the Swiss Financial Market Supervisory Authority on the Insolvency of Banks and Securities Dealers

¹In the cer­ti­fic­ate of as­sign­ment per­tain­ing to a leg­al claim on the part of the bank­ruptcy as­sets with­in the mean­ing of Art­icle 260 DEBA¹, the bank­ruptcy li­quid­at­or shall spe­cify the dead­line with­in which the as­sign­ee cred­it­ors must as­sert their claim be­fore the court. If the dead­line is al­lowed to ex­pire, the as­sign­ment lapses.

²The as­sign­ee cred­it­ors shall re­port without delay the out­come of their as­ser­tion to the bank­ruptcy li­quid­at­or and, fol­low­ing com­ple­tion of the bank­ruptcy pro­ceed­ings, to FINMA.

³Where no cred­it­or de­mands as­sign­ment or the dead­line ex­pires without the claim be­ing as­ser­ted, the bank­ruptcy li­quid­at­or and, fol­low­ing com­ple­tion of the bank­ruptcy pro­ceed­ings, FINMA shall de­cide on any fur­ther real­isa­tion of the leg­al claims in ques­tion.