Bankrupt Debtors To Get Second Chance In Switzerland

2025-01-17 02:05:53

(MENAFN- Swissinfo) Over-indebted people in Switzerland will be offered a new chance to wipe the slate clean with new procedures to restructure debt.

This content was published on January 16, 2025 - 10:59 1 minute Keystone-SDA

Français fr Faillites: les personnes endettées en Suisse auront une nouvelle chance Original Read more: Faillites: les personnes endettées en Suisse auront une nouvelle chanc
Português pt Inadimplentes terão uma segunda chance na Suíça Read more: Inadimplentes terão uma segunda chance na Suíç

+Get the most important news from Switzerland in your inbox

People who are unable to pay off their debts themselves have little chance of ever living debt-free again, says the government in a press release.

+ Read more: what's on the Swiss economic horizon in 2025?

Two new procedures are proposed: an agreement between debtors and creditors, subject to certain conditions, will allow partial debt relief. For debtors who have no chance of reaching such an agreement, reorganisation proceedings through bankruptcy will be possible, again subject to conditions.

Safeguards will be introduced to prevent abuse and excessive losses for creditors. Cantons will have to ensure that indebted persons have access to advisory services on the new procedures.

More More Swiss company bankruptcies rise to record high in 2024

This content was published on Jan 3, 2025 The number of Swiss company bankruptcies increased by 15% to a record 11,506 in 2024.

Read more: Swiss company bankruptcies rise to record high in 202

Translated from French by DeepL/mga

MENAFN17012025000210011054ID1109100061

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.