Facts
A. AG, domiciled in Zurich, had as its purpose, among other things, participation in financial operations in Switzerland and abroad, the conduct of financial transactions, the assumption of administrations of any kind, and consulting in these areas. From November 21, 1997 to August 11, 1999, X. (the defendant) was a member of the Board of Directors of A. AG. On October 26, 1999, the Commercial Register ordered the dissolution of the company, as it had not restored the legal situation regarding administration and representation within the deadline. On May 26, 2000, the bankruptcy of the company was opened. In the bankruptcy proceedings, twenty parties, including Y. (the plaintiff), were admitted with claims of approximately CHF 1.8 million. In an agreement with the former member of the Board of Directors of A. AG, attorney Dr. B., the payment of CHF 50,000 was agreed, which the creditors divided proportionally to their claims. Beyond that, the creditors suffered a total loss, the plaintiff for an amount of CHF 224,597.35. The bankruptcy estate assigned any liability claims against the defendant to all the creditors of the bankruptcy. Within the prescribed time limit, the plaintiff, as the sole assignee creditor, brought an action for liability against the defendant for an amount of CHF 224,597.35.Considerations
The Federal Tribunal considers that the question of whether and to what extent the settlement concluded between the creditor and one of the joint and several debtors has a discharging effect on the other debtors is determined by interpreting the settlement. According to case law, when a joint and several debtor is released by a settlement, without the creditor being fully satisfied, the discharging effect in favor of the other joint and several debtors only occurs to the extent that the circumstances or the nature of the obligation justify it (Art. 147 para. 2 CO). Thus, if the co-obligors risk being sued by the creditor for a…