Swiss bankruptcy language
|
Consider adding to the Bankruptcy definition:
- “; or (10) in respect of a Swiss bank or a Swiss branch of a bank licensed under the Swiss Federal Act on Banks and Savings Banks (the “Swiss Banking Act”), it has imposed on it or with respect to it, by the Swiss Financial Market Supervisory Authority:
- (i) protective measures (Schutzmassnahmen/mesures protectrices) under Article 26 or other protective measures establishing a payment moratorium of general applicability or ordering the termination of its business operations,
- (ii) restructuring procedures (Sanierungsverfahren/procédure d’assainissement) under Articles 28-32 of the Banking Act or
- (cc) an order for liquidation and the withdrawal of its banking license under the Swiss Banking Act”.”