Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ On re­ceiv­ing no­ti­fic­a­tion, the court com­mences in­solv­ency pro­ceed­ings. On ap­plic­a­tion by the board of dir­ect­ors or by a cred­it­or it may grant a stay of in­solv­ency pro­ceed­ings where there is a pro­spect of fin­an­cial re­struc­tur­ing; in this case the court or­ders meas­ures to pre­serve the com­pany’s as­sets.

² The court may ap­point an ad­min­is­trat­ive re­ceiv­er and either de­prive the board of dir­ect­ors of its power of dis­pos­al or make its res­ol­u­tions con­di­tion­al on the con­sent of the ad­min­is­trat­ive re­ceiv­er. It defines the du­ties of the ad­min­is­trat­ive re­ceiv­er.

³ Pub­lic no­tice of the stay of in­solv­ency pro­ceed­ings is re­quired only where ne­ces­sary to pro­tect third parties.