If the Confederation or a third-party undertaking adopts the obligations of the owner of stocks from the guaranteed loans (Art. 20), the Confederation or third party shall directly acquire the ownership of the compulsory stock and any indemnity rights, if:
bankruptcy proceedings are commenced in respect of the owner of stocks;
bankruptcy proceedings are stayed in accordance with Articles 725a , 764, 820 or 903 of the Code of Obligations1or with Article 84a of the Swiss Civil Code2; or
the owner of stocks has been granted a debt restructuring moratorium or emergency moratorium.
If the value of the compulsory stock or the indemnity rights at the time of the actual takeover or the concluded sale and after deduction of all costs exceeds the value of the rights of the Confederation or the third-party undertaking following its repayment of the loans, the Confederation or the third-party undertaking shall first of all settle the liabilities of the compulsory stock owner towards the guarantee fund. The remainder shall pass to the insolvent estate or, in the case of stay of bankruptcy, or debt restructuring moratorium and emergency moratorium proceedings, to the debtor.
If the Confederation or third-party undertaking, after deduction of all the costs, is not repaid in full by taking ownership of or selling the goods, it shall participate in the bankruptcy proceedings or in the composition agreement. In the case of a stay of bankruptcy or an emergency moratorium on debt enforcement, the Confederation or third-party undertaking shall acquire an interest-bearing claim against the debtor that is not subject to prescription.