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

¹ In the event of the bank­ruptcy of the dam­aged com­pany, its cred­it­ors are en­titled to re­quest that the com­pany be com­pensated for the losses suffered. However, in the first in­stance the in­solv­ency ad­min­is­trat­ors may as­sert the claims of the share­hold­ers and the com­pany’s cred­it­ors.

² Where the in­solv­ency ad­min­is­trat­ors waive their right to as­sert such claims, any share­hold­er or cred­it­or shall be en­titled to bring them. The pro­ceeds shall first be used to sat­is­fy the claims of the lit­ig­ant cred­it­ors in ac­cord­ance with the pro­vi­sions of the Debt Col­lec­tion and Bank­ruptcy Act of 11 April 1889⁶³⁹. Any sur­plus shall be di­vided among the lit­ig­ant share­hold­ers in pro­por­tion to their equity par­ti­cip­a­tion in the com­pany; the re­mainder shall be ad­ded to the in­solv­ent’s es­tate.

³ The as­sign­ment of claims held by the com­pany in ac­cord­ance with Art­icle 260 of the Debt Col­lec­tion and Bank­ruptcy Act of 11 April 1889 is re­served.

⁴ In as­sess­ing the dam­age to the com­pany, the claims of the com­pany’s cred­it­ors that have been sub­or­din­ated to those of all oth­er cred­it­ors shall not be in­cluded.⁶⁴⁰