Bankrupt debtors to get second chance in Switzerland

Over-indebted people in Switzerland will be offered a new chance to wipe the slate clean with new procedures to restructure debt. +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. Translated from French by DeepL/mga How we work This news story has been written and carefully fact-checked by an ...