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

¹If as­sets or oth­er leg­al claims that have not pre­vi­ously been in­cluded in the bank­ruptcy as­sets are dis­covered with­in 10 years of the bank­ruptcy pro­ceed­ings be­ing com­pleted, FINMA shall ap­point a bank­ruptcy li­quid­at­or to re­start the bank­ruptcy pro­ceed­ings without fur­ther form­al­it­ies.

²As­sets dis­covered after the fact or leg­al claims shall be dis­trib­uted to cred­it­ors who suffered a loss and for whom the bank­ruptcy li­quid­at­or has the de­tails needed to make the pay­out. The bank­ruptcy li­quid­at­or may ask cred­it­ors to provide up-to-date de­tails, stat­ing that these are re­quired in con­nec­tion with their claim. He or she shall set a reas­on­able dead­line for this pur­pose.

³Where it is clear that the costs in­curred through re­start­ing the bank­ruptcy pro­ceed­ings will not be covered or will only be mar­gin­ally ex­ceeded by the ex­pec­ted pro­ceeds from real­ising the as­sets dis­covered after the fact, FINMA may re­frain from re­start­ing the pro­ceed­ings. In such cases, it shall pass the as­sets dis­covered after the fact to the fed­er­al gov­ern­ment.