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Glossar

0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Affidavit (Formerly oath of disclosure)

In enforcement proceedings, an assurance from the debtor (to be recorded under oath) that the information that he/she has given in his/her list of assets is correct and complete to the best of his/her knowledge.

Assignment

Assignment (also known as cession) enables creditors to transfer a credit that they are owed to another legal entity. An appropriate contract between the assigner (ceding party) and the new creditor (cessionary), which can be concluded orally and informally, is needed for this purpose.

B

Bad credit

Receivables assets, which are at risk (non-performing portfolio).

Bankruptcy assets

The assets identified by the bankruptcy office during the administrative bankruptcy proceedings.

C

Certificate of seizure loss

Proof of the unsecured amount as per the seizure proceedings issued by the execution for debt office. Serves as a provisional security for dismissal of objection.

Certificate on insufficiency of pledge

Certificate of loss resulting from a seizure.

Civil proceedings

Contest under civil law according to the Civil Proceedings Ordinance applicable in the canton with reference to the responsible courts.

Collection

Collecting money

Continuation request

Written request to continue the execution for debt to seizure or bankruptcy.

Court adjudicating bankruptcy

The court responsible for the adjudication of bankruptcy requests according to the state planner.

Credit management

Administration and assessment of the credits against customers. This includes all related activities such as reminders, credit lending policy or receivables management, where credit management is an integral part.

Creditor

Natural or legal entity that raises a claim against the debtor who is in default.

Creditor

Natural or legal entity that raises a claim against the debtor who is in default.

D

Damage caused by default

Claim for compensation made in addition to the default interest by the creditor for the damage suffered as per article 106 Swiss Code of Obligations.

Debtor

Defaulter who does not comply with his/her obligation to pay the invoice within the agreed period.

Default

Duration since the due date of a credit.

Definitive dismissal of objection

Ruled by the judge adjudicating on dismissal of objection. Is used to clear an objection and means that the execution for debt can be continued.

Distribution

Distribution of the proceeds after assessment of the assets.

E

Enforcement

Enforcement of a creditor’s claim by the responsible office.

Enforcement order

Document which gives authorisation for official enforcement. For example a payment summons without objection.

Enforcement order

Document which gives authorisation for official enforcement. For example a payment summons without objection.

Entitlement

Credits are seen as being entitled if they are based on an enforcement title or a court verdict.

F

Factoring

Purchase of monetary credits (invoices) before they are due, i.e. directly after invoicing.

Final report

After the distribution, the bankruptcy administration presents a final report to the court adjudicating bankruptcy.

I

Insolvency

Inability to pay due to excessive indebtedness.

Insolvency proceedings

Application to the judge adjudicating on bankruptcy for official determination of the inability to pay due to excessive indebtedness.

L

Limitation

Different time limits which lead to the loss of a claim.

N

Notice to creditors

Written appeal to creditors within the framework of liquidation proceedings.

O

Oath of disclosure

see "Affidavit"

Objection

Contesting the credit when notification of the credit is received or within 10 days from the notification.

Opening of bankruptcy proceedings

The legal outbreak of bankruptcy proceedings; authorised by the responsible judge adjudicating on bankruptcy.

Order of priority of creditors

List of the creditors and the bankruptcy dividends according to priority classes.

P

Payment summons

Official request to the debtor to pay outstanding credits.

Provisional dismissal of objection

Stipulation by the judge adjudicating on dismissal of objection that a provisional dismissal of objection has been granted.

Purchase of credits

The creditor sells his/her defaulted, overdue credits.

R

Realisation

Liquidation of assets.

Receivables management

Receivables management includes all written and oral contact with the customer (invoices, reminders, correspondence etc.), as well as the monitoring and booking of receivables payments.

Reminder

Amicable oral or written reminder that the due date has been exceeded and from this date default has occurred.

Reminder proceedings

Organisational process for the oral or written reminder about overdue credits.

Request for realisation

Request for liquidation of assets in the framework of enforcement proceedings.

S

Scoring/scoring systems

Systems with a high level of automation to determine the credit rating and borrowing capacity.

Scoring/scoring systems

Systems with a high level of automation to determine the credit rating and borrowing capacity.

Seizure

Determination of the property and earning capacity, as well as the subsistence minimum, by the execution for debt office.

Seizure utilisation

Utilisation of property and assets during a seizure.

Summary proceedings

Alternative to ordinary bankruptcy proceedings. Usually carried out if the proceeds from the inventoried and free assets are not able to cover the costs of ordinary bankruptcy proceedings, or if the circumstances are simple (article 231 SchKG).

T

Threat of bankruptcy

Threat of bankruptcy from the execution for debt office due to the continuation request.

Trustee collection

Collection companies are contractors on behalf of the creditor. The credit remains in the economic ownership of the original creditor.