September 8, 2025

SWISS DEBT RESTRUCTURING MORATORIUM SURVEY 2024

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.

The latest release of our annual Swiss debt restructuring moratorium study shows a 40% increase in the number of cases in Switzerland during 2024 compared to 2023 – reaching the highest level in six years.

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. Detailed information about how the debt moratorium process works and its advantages can be found in our detailed compendium.

In view of the general economic uncertainties, the deteriorating consumer sentiment, rising interest rates, geopolitical conflicts, and new trade barriers, the authors expect restructuring activity to remain high and the use of insolvency proceedings to continue increasing.

EVOLUTION OF THE NUMBER OF CASES 2022 - 2024

 

2024 STUDY REVEALS RECORD-BREAKING SURGE WITH 40% INCREASE COMPARED TO 2023

Find out how the number of cases developed between 2019 and 2024 and what trends the authors predict for 2025.

Previous Studies:

2020
EVOLUTION OF THE NUMBER OF CASES 2019 – 2020

Alvarez and Marsal (A&M) and the Swiss Turnaround Association (STA) have analysed and commented on the outcomes of Swiss debt moratorium cases between January 2019 and September 2020. 

2021
EVOLUTION OF THE NUMBER OF CASES 2019 – 2021

The 2021 survey found that the number of companies using debt moratorium represented only 1.6% of corporate insolvencies in 2021 (1.5% in 2020 and 1.6% in 2019), which compared to other markets remained very low.

2022
EVOLUTION OF THE NUMBER OF CASES 2019 – 2022

Alvarez & Marsal's 2022 study on Swiss debt restructuring moratorium shows that the number of Swiss companies using debt restructuring moratorium account for only 1.4% of corporate insolvencies in 2022 

2023
EVOLUTION OF THE NUMBER OF CASES 2019 – 2023

Alvarez and Marsal (A&M) and the Swiss Turnaround Association (STA) have analysed and commented on the outcomes of Swiss debt moratorium cases between January 2019 and September 2020. Alvarez & Marsal's new Swiss Debt Restructuring Moratorium Survey reveals a significant rise in procedures in Switzerland for 2023. 

HOW A&M CAN HELP

A&M has worked with some of the largest European and global organisations to stabilise financial performance, transform operations and accelerate results through decisive action.

When traditional improvement activities are not enough, A&M’s restructuring and turnaround heritage brings fact-based, action-oriented leadership to transformation and delivers rapid results. Our professionals have both operations and advisory experience together with a proven track record in leading businesses through tough, complex situations, often characterised by liquidity and time constraints.

They have deep expertise in distressed business planning, cash forecasting and management, working closely with company management teams and boards of directors as they address critical challenges.

To learn more about our expertise and to understand the full scope of our work please get in touch with one of our key contacts.

Selected credentials of A&M's Swiss team

Awards
Awards

A&M acted as lead financial restructuring advisor to the Board of Directors and Management of SIX Exchange-listed HOCHDORF Holding AG (now HOCN AG) in the sale of its subsidiary amidst the parent company's restructuring. The engagement included preparing and evaluating financial restructuring options, as well as executing a complex sale transaction involving its operating subsidiary, HOCHDORF Swiss Nutrition AG (“HSN”). The transaction was structured as a pre-pack under Switzerland’s debt restructuring moratorium (“Nachlassstundung”) and was successfully concluded.

Financial and Restructuring Advisor
Awards
Awards

A&M was appointed as global restructuring advisor to FTX to protect the remaining value of the crypto platform during its Chapter 11 proceedings. The Swiss team prepared the short-term cash flow forecasting process, assessed the liquidation value and evaluated options for the European sub-holding and its subsidiaries. After initiating a moratorium for the European sub-holding based in Switzerland, we supported the Swiss administrator and coordinated between Swiss moratorium and U.S. Chapter 11 procedures. The entity successfully exited the Swiss procedure following restructuring.

Global Restructuring Advisor
Awards
Awards

A&M advises the 12 shareholder municipalities of GZO AG, Spital Wetzikon, providing strategic and financial advice, supporting recapitalization efforts, and guiding the long-term repositioning of the hospital. The mandate involves extensive support during the ongoing debt restructuring moratorium ("Nachlassstundung") and the formulation of sustainable solutions to ensure the hospital’s future viability and strategic direction.

Financial and Restructuring Advisor for the 12 Shareholder Municipalities
Die neue Umfrage von Alvarez & Marsal zum Moratorium für die Umschuldung in der Schweiz zeigt einen deutlichen Anstieg der Verfahren in der Schweiz für das Jahr 2023.
Alvarez & Marsal's new Swiss Debt Restructuring Moratorium Survey reveals a significant rise in procedures in Switzerland for 2023.
Global professional services firm Alvarez & Marsal has published its annual study on the use of the Swiss restructuring procedure or "debt restructuring moratorium.
Global professional services firm Alvarez & Marsal has published its annual study on the use of the Swiss restructuring procedure or "debt restructuring moratorium.
Authors
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