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

¹If the bank­ruptcy li­quid­at­or deems it ne­ces­sary to con­vene an as­sembly of cred­it­ors, he or she shall sub­mit a re­quest to this ef­fect to FINMA. The lat­ter shall stip­u­late the powers of the as­sembly of cred­it­ors as well as the quor­um and vot­ing ma­jor­ity re­quire­ments.

²All cred­it­ors are en­titled to at­tend or be rep­res­en­ted at the as­sembly. In cases of doubt, the bank­ruptcy li­quid­at­or de­cides on ad­mis­sion.

³The bank­ruptcy li­quid­at­or chairs the hear­ing and re­ports on the bank’s as­sets and the pro­gress of the pro­ceed­ings.

⁴The cred­it­ors may pass res­ol­u­tions by cir­cu­lar vote. Cred­it­ors who do not ex­pressly re­ject the bank­ruptcy li­quid­at­or’s pro­pos­al with­in the spe­cified dead­line are re­garded as be­ing in agree­ment with it.