Grant of a bank moratorium to the Spar- und Leihkasse Thun despite the withdrawal of its operating license

Facts

The Spar- und Leihkasse Thun (SLT) experienced financial difficulties. The President of the Swiss Federal Banking Commission ordered the temporary closure of SLT's branches and ATMs. SLT then filed an application for a bank moratorium with the debt enforcement and bankruptcy authority of the Canton of Berne. This application was rejected. SLT then appealed this decision to the Bankruptcy Chamber of the Swiss Federal Tribunal.

Considerations

The Bankruptcy Chamber of the Swiss Federal Tribunal considered that the fact that the Swiss Federal Banking Commission had withdrawn SLT's operating license before ruling on the application for a bank moratorium did not allow the moratorium authority to reject this application. A bank moratorium remains possible even after the withdrawal of the license, as long as the bank's insolvency has not been established.

The Chamber held that the bank moratorium is intended not only to enable the bank to overcome a temporary…