40% More Swiss Companies Turn to Debt Moratorium
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Dynamics Group AG
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Media Release
40% More Swiss Companies Turn to Debt Moratorium 40% more cases in 2024 - the highest number in six years Debt Moratorium is an effective tool to restructure and preserve businesses and jobs In 2024, 131 debt restructuring proceedings were registered in Switzerland, representing 2.5% of all insolvency cases – Switzerland’s adoption rate trails behind other European countries but the trend indicates a catch-up Zurich, 9 September 2025 – The latest annual study released by global professional services firm Alvarez & Marsal (A&M) reveals a 40%-increase in the use of debt restructuring moratoriums in Switzerland during 2024, compared to 2023 – reaching the highest levels since the launch of the study five years ago. The debt moratorium is an effective legal instrument allowing financially distressed companies to protect themselves from creditors, gain time to restructure businesses, and safeguard jobs instead of heading into bankruptcy. The advantages of a debt moratorium include the suspension or protection against debt enforcement and legal proceedings, the possibility of terminating continuing obligations under certain conditions, the elimination of the obligation to establish a social plan, and execution of a disposal transaction without clawback risks. Alessandro Farsaci, Managing Director of A&M Switzerland, comments: “The debt moratorium has played a crucial role in ensuring survival and enabling transformation for many companies in recent times. With ongoing economic uncertainty, eroding consumer confidence, rising interest rates, geopolitical tensions, and the new issue of US tariffs putting pressure on Swiss businesses, we anticipate sustained high levels of restructuring activity and increased use of the procedure in the near future.” Despite prominent rescue campaigns such as René Benko's Signa Group, the gas pipeline project between Germany and Russia ('Nord Stream 2'), the cryptocurrency platform FTX, the GZO Hospital, and the general contractor Steiner AG, Swiss companies make far less use of an in-court restructuring procedure compared to other countries. In 2024, 131 debt restructuring proceedings were conducted in Switzerland. Yet, with only 2.5% of all corporate bankruptcies involving a moratorium, Switzerland remains far behind countries like Austria (9%), France (12%) and the UK (7.5%). Swiss companies that utilised a debt restructuring moratorium in 2024 achieved business continuity in up to 37% of cases. Success rate for 2024 cases is expected to increase over time, as successful turnarounds generally take longer to achieve. Although insolvency laws vary across countries, the cornerstone of effective restructuring remains the ability of leadership teams to identify crisis signs early and act decisively. Further improving awareness of the debt moratorium could enable the Swiss economy to better make use of the instrument to safeguard businesses and its jobs. Not only potential legal improvements in substance, but also for example a renaming of the tool could play a pivotal role in enhancing its adoption and appeal, as in the successful example of Austria. Tobias Fritsche, Director at Alvarez & Marsal, says: "Early crisis detection and decisive management action are critical. If Switzerland raises awareness, we expect usage of the moratorium to rise further – giving companies a better chance of survival and transformation in turbulent times.” A&M expects the upward trend to continue, particularly if Switzerland modernizes its framework – as Austria successfully did. - -
Notes to the editors Methodology The study's data collection is based on official publications in the Swiss Official Gazette of Commerce (SOGC) and is limited to corporations and limited liability companies. For the analysis of non-public debt restructuring moratorium proceedings, the authors collected data directly from the official Swiss district courts. Of the 110 courts surveyed, an average of 80% responded. The high response rate allows for robust conclusions to be drawn from the data. In addition, the data were discussed with the majority of the administrators active during the period under review. The assignment of a debt restructuring moratorium to a specific year was determined based on the first opening date of the provisional phase (for example, if the provisional phase was granted in 2023 and converted to a definitive composition moratorium in 2024, the case would be counted only for 2023). About Alvarez & Marsal Founded in 1983, Alvarez & Marsal is a leading global professional services firm. Renowned for its leadership, action and results, Alvarez & Marsal provides advisory, business performance improvement and turnaround management services, delivering practical solutions to address clients' unique challenges. With a world-wide network of experienced operators, world-class consultants, former regulators and industry authorities, Alvarez & Marsal helps corporates, boards, private equity firms, law firms and government agencies drive transformation, mitigate risk and unlock value at every stage of growth. To learn more, visit: AlvarezandMarsal.com
Contact: Nicolas Weidmann
Additional features: File: 9774_AM_470227_REST_SWI_Debt_Moratorium_2025_EN
End of Media Release |
2194538 09.09.2025 CET/CEST
