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

¹The bank­ruptcy li­quid­at­or may provide for pro­vi­sion­al dis­tri­bu­tions. He or she shall draw up a pro­vi­sion­al dis­tri­bu­tion list for this pur­pose and for­ward it to FINMA for ap­prov­al.

²If all as­sets have been real­ised and all pro­cesses re­lat­ing to the cal­cu­la­tion of as­sets and li­ab­il­it­ies have been com­pleted, the bank­ruptcy li­quid­at­or shall draw up the fi­nal dis­tri­bu­tion list as well as the fi­nal ac­counts and for­ward these to FINMA for ap­prov­al. The pro­ceed­ings con­duc­ted by in­di­vidu­al cred­it­ors un­der Art­icle 260 DEBA¹ may be dis­reg­arded.

³Once the dis­tri­bu­tion list has been ap­proved, the bank­ruptcy li­quid­at­or shall pay out to the cred­it­ors.

⁴No pay­out is made for claims:

a.

whose ex­ist­ence or amount has not been defin­it­ively es­tab­lished;

b.

whose be­ne­fi­ciar­ies are not defin­it­ively known;

c.

that are par­tially covered by col­lat­er­al out­side Switzer­land or un­der Art­icle 18 that has not been real­ised; or

d.

that are likely to be par­tially covered by a pending set­tle­ment in for­eign fore­clos­ure pro­ceed­ings con­nec­ted to the bank bank­ruptcy.

⁵If a sep­ar­ate sched­ule of claims is drawn up in ac­cord­ance with Art­icle 27 para­graph 3, the bank­ruptcy li­quid­at­or may with FINMA’s con­sent carry out the dis­tri­bu­tion once this Or­din­ance has entered in­to force, and in­de­pend­ently of the entry in­to force of the sched­ule of claims re­gard­ing the re­main­ing claims.