Facts
Kredit- und Verwaltungsbank Zug AG was declared bankrupt by the Cantonal Court of Zug on August 25, 1959. Five creditors had previously petitioned the Cantonal Court for the immediate opening of bankruptcy proceedings due to suspension of payments. The bank had temporarily suspended payments to current account, savings, and cash bond customers after a director was arrested and criminal investigations against the bank's governing bodies became known.
The bank appealed the bankruptcy decision to the Federal Supreme Court. The Federal Supreme Court dismissed the appeal and confirmed the bankruptcy decision of the Cantonal Court. The date of the opening of bankruptcy proceedings is considered to be October 2, 1959, as the bank's appeal had been granted suspensive effect.
Considerations
The Federal Supreme Court stated that the deadline for appealing the cantonal bankruptcy decision runs from the receipt of the reasoned decision. The bank had already requested suspensive effect in the provisional appeal, which the Federal Supreme Court considered appropriate given the interests involved and the incomplete files.
A request by the bank for a banking law-based moratorium filed after the bankruptcy decision could no longer be considered, as such requests must be filed before the bankruptcy petition. The Federal Supreme Court left open whether such a request could exceptionally be considered later at the discretion of the…