Switzerland has revised key provisions governing insolvency proceedings, altering the procedural position of creditors in a meaningful way. The amendments took effect on January 1, 2025, introducing changes to debt enforcement rules and restructuring procedures under the Swiss debt enforcement and insolvency legislative regime. International companies holding claims against Swiss entities – or operating through Swiss subsidiaries – face material risks if they do not act promptly to reassert their creditor position under the new rules.
Switzerland's 2025 insolvency law amendments modify creditor participation rights in formal insolvency proceedings, restructuring moratorium conditions, and the roles of the administrator and liquidator. Companies affected include Swiss stock corporations (Aktiengesellschaft. Alternatively, AG) and limited liability companies (Gesellschaft mit beschränkter Haftung. Alternatively. GmbH CH) registered in the Handelsregister Schweiz (Swiss Commercial Register), as well as foreign creditors asserting claims in Swiss proceedings. The compliance window for updating internal procedures and submitting proof of debt is short – creditors in ongoing proceedings must act within the timelines set by the court-appointed administrator.
This alert explains what changed, which businesses are directly affected, and the immediate steps creditors and Swiss-registered entities must take now.
What changed: the core amendments and their effective date
Switzerland's revised insolvency legislative regime, grounded in amendments to the Swiss Code of Obligations and the debt enforcement and bankruptcy legislation, became operative on January 1, 2025. The reforms consolidate several areas that practitioners had long identified as creating procedural uncertainty for international creditors.
The most significant change is the recalibration of the restructuring moratorium procedure. Under the amended rules, a debtor company may request a provisional moratorium of up to four months from the relevant cantonal court. The court must appoint an administrator within a shorter timeframe than previously required. If the administrator determines that a viable restructuring plan is achievable, the moratorium may be extended. This compresses the window during which unsecured creditors can take enforcement action or challenge the moratorium grant.
The amendments also revise the process for the creditors meeting. Creditors are now entitled to receive earlier disclosure of the administrator's preliminary report. They may formally challenge the administrator's asset valuations within a fixed period – a right that previously depended on court discretion. This change strengthens creditor oversight but requires active engagement; silence at the creditors meeting is treated as acceptance of the administrator's proposed distribution approach.
The proof of debt submission process has been tightened. Creditors must file their claims with the liquidator using updated standardised forms. Claims submitted outside the prescribed period are admitted only in exceptional circumstances, with late-admission fees applying. The Bundesgericht (Federal Supreme Court of Switzerland) has reinforced the strict approach to late claims in recent decisions, making timely filing a priority for any creditor in Swiss insolvency proceedings.
For corporate dispute matters in Switzerland, the amendments also affect subordinated creditor disputes and shareholder contribution claims during insolvency. These are now resolved within the insolvency proceedings themselves rather than through separate civil actions, reducing creditors' ability to use parallel litigation as leverage.
Who is affected: threshold criteria and business categories
The amendments apply to all formal insolvency proceedings commenced on or after January 1, 2025. Proceedings opened before that date continue under the prior rules, but any court-ordered restructuring plan confirmed after the effective date must meet the new requirements.
The following categories of businesses and stakeholders face direct exposure:
- Foreign creditors with outstanding claims against AG or GmbH CH entities registered in the Handelsregister Schweiz
- International groups with Swiss holding or operating subsidiaries where the subsidiary carries material third-party debt
- Banks and institutional lenders holding secured or unsecured claims in Swiss-law governed credit agreements
- Trade creditors supplying goods or services to Swiss companies under payment terms extending beyond 60 days
- Shareholders and directors of distressed Swiss companies who must assess overcapitalisation and duty-to-notify obligations under the revised corporate insolvency rules
The revised rules also have implications for companies engaged in cross-border restructuring involving Switzerland. A restructuring plan confirmed in a foreign jurisdiction does not automatically bind Swiss proceedings. The administrator retains independent authority to assess foreign restructuring plans against Swiss insolvency law criteria. Creditors relying on foreign-court-approved plans must verify their enforceability with Swiss counsel without delay.
For a detailed assessment of how these changes affect your creditor position in ongoing or anticipated Swiss insolvency proceedings, contact us at info@ferrazwhitmore.com.
What to do now: immediate action items for international companies
Five steps require attention in the immediate term.
1. Audit all claims against Swiss entities. Identify every outstanding claim – secured, unsecured, and contingent – against any AG or GmbH CH counterparty. Determine whether those counterparties show signs of financial distress: delayed payments, enforcement notices, or entries in the Handelsregister Schweiz reflecting capital reduction proceedings. Early identification of distressed exposure preserves enforcement options before formal insolvency proceedings are opened.
2. Review proof of debt submission deadlines. In any ongoing Swiss insolvency proceedings where your company is a creditor, confirm the exact deadline for filing proof of debt with the liquidator. The amended rules apply strict consequences for late submissions. Missing the deadline forfeits priority in distribution – a risk that cannot be recovered once the creditors meeting has confirmed the distribution schedule.
3. Engage with the administrator proactively. Under the new rules, creditors who participate actively in the creditors meeting and submit written observations to the administrator before the preliminary report deadline carry greater procedural weight. Passive creditors risk having their objections treated as waived. Appoint a Swiss-qualified representative to attend and submit observations on your behalf if you cannot attend in person.
4. Assess restructuring plan exposure. If a Swiss counterparty enters a moratorium and proposes a restructuring plan, engage specialist counsel immediately. The plan confirmation process under the amended rules moves faster. Creditors who do not object within the prescribed period are bound by the plan. For international groups with restructuring exposure in Switzerland, the new moratorium timelines require pre-emptive legal advice rather than a reactive response.
5. Update internal governance protocols for Swiss subsidiaries. Directors of Swiss AG and GmbH CH entities must notify the court when net assets fall below the statutory minimum. The amended insolvency legislative regime introduces clarified triggers for this duty. Failure to notify exposes directors to personal liability. International groups should update board-level governance checklists for all Swiss entities to reflect the new thresholds and notification timelines.
Engaging a lawyer in Switzerland with specific insolvency and restructuring experience is the most effective way to manage exposure under the revised rules. Practitioners in Switzerland note that the gap between formal legal requirements and actual creditor behaviour in proceedings is narrowing – active creditor participation is no longer optional.
About Ferraz & Whitmore
Ferraz & Whitmore is an international law firm based in Lisbon, advising business clients across 46 jurisdictions. Our insolvency and restructuring practice covers proceedings in Switzerland, Germany, Austria, and across EU and Atlantic markets. As an international law firm with both civil law and common law tradition, we advise foreign creditors, institutional lenders, and international groups on creditor rights, restructuring plan analysis, and cross-border insolvency strategy involving Swiss entities. The firm's practitioners have experience in proceedings before Swiss cantonal courts and in coordinating Swiss insolvency matters with parallel proceedings in other jurisdictions. Our team supports in-house counsel and corporate finance teams who need a law firm in Switzerland-facing matters with the depth to handle both the local procedural rules and the cross-border enforcement dimension. To discuss your company's exposure under the 2025 amendments, contact us at info@ferrazwhitmore.com.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.
Published: February 15, 2026
Author: Sophie Kellner – Partner, IP & Technology Law
Sophie Kellner is a Partner at Ferraz & Whitmore focusing on intellectual property protection, AI and technology regulation, and employment law across European and international markets. She advises technology companies, investors, and institutions on IP strategy, regulatory compliance, and workforce matters.