Patrik Odermatt appointed to the expert group for restructuring procedures for private individuals

As a representative of Association of Swiss Debt Collection Trust Institutes (vsi) the novel Patrik Odermatt appointed as a member of the expert group set up by the Federal Office of Justice for restructuring procedures for private individuals.

Under current Swiss law, highly indebted and destitute private individuals have no way of sustainably restructuring their finances. For the creditors, in turn, there are only limited opportunities to benefit from future debtor income. In contrast to Switzerland, most European countries and the USA have procedures that enable private individuals to be freed from their debts. In a report passed on March 9, 2018, the Federal Council came to the conclusion that there is also a need for legislative action in Swiss debt enforcement and bankruptcy law.

If a debtor is given a second chance at a debt-free life through a debt discharge procedure and can be motivated to earn an income, this not only benefits them, but also the public sector and the other creditors.

The group of experts led by Patrik Odermatt will examine the various implementation options on behalf of Parliament and draw up a template.