What claims are covered?

Claims related to proven insolvency or presumed insolvency subject to conditions are covered.

Proven insolvency is defined as the inability of the buyer to pay its debts is properly evidenced by one of the following:

A. In Switzerland:

  1. The conclusion of a voluntary agreement on a moratorium of debt enforcement (cp. Swiss Federal Law on Debt Enforcement and Bankruptcy) between the debtor and all its creditors, whereby the latter waive a part of their claims;
  2. The opening of a moratorium of debt enforcement;
  3. The opening of bankruptcy proceedings;
  4. Certificate of loss following attachment proceedings;
  5. Confirmation by debt enforcement or bankruptcy office that the debtor possesses no assets and that debt collection proceedings will prove fruitless;

B. Abroad:

  1. A circumstance equivalent to those described in above section A point 1, 4 and 5;
  2. A court decision similar to those mentioned in above section A point 2 and that prevents any individual collection of debts and causes all outstanding claims to fall due;
  3. Refusal to open bankruptcy proceedings due to a lack of assets;

Presumed insolvency:

Presumed insolvency exists if the debtor has not fully or only partly paid the loss resulting from the debtor’s invoices being overdue upon the expiration of the waiting period (6 months)

Updated on April 15, 2019

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