Private Sale of a Bankruptcy Estate Claim in the Context of a Bank Bankruptcy

Facts

In the context of the bankruptcy of Kredit- und Verwaltungsbank Zug, the Swiss fiduciary company as bankruptcy administrator decided to privately sell a bankruptcy estate claim of approximately DM 450,000 against the companies Karl Heinz Urgatz and Kicker-Tischfussballspiele GmbH in Germany for DM 85,000, leaving a deadline for creditors to request the assignment of the estate's rights under Art. 260 DEBA. A creditor filed a complaint against this decision, which was upheld by the cantonal court of the canton of Zug. The bankruptcy administrator then appealed this decision to the Federal Tribunal.

Considerations

The Federal Tribunal considers that when a bankruptcy estate claim is not disputed and is due, but difficult to recover, the bankruptcy administrator may refrain from collecting it according to Art. 243(1) DEBA. This is the case here, where the claim would have to be pursued in Germany, which would entail significant costs and efforts and a very uncertain result.

Regarding the private sale, the Federal Tribunal considers that the administrator was not required to grant creditors the possibility of requesting the assignment of the estate's rights under Art. 260 DEBA, insofar as the offer received seemed to best serve the interests…