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Old 14.06.2017, 11:54
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Housing (renting) company went insolvent, what to do now?

I am renting a studio in Zurich from a company. This company just announced they are insolvent now, and are/have terminated all contracts with their renters. This is a part of the email they've send me.

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Unfortunately, we regret to inform you that Company X AG is an insolvency and that it is no longer possible for us to operate the company. This situation forced us to announce to all tenants without a proper notice. We do not intend to send you the ordinary form of notice by registered post. We regret this kind of communication and apologize for the unexpected situation.

We also inform you that all orders or repairs and all cleaning of the objects have been terminated with immediate effect.

From now on, no rent or deposit payments must be made to our account.

We ask you to return the keys by registered post to the following address
There are no dates mentioned. Is this legal? Do renters have in this case protection? I assume you cannot just put people on street, especially if they just have their rent (and some of them paid in advance like me).

What will happen with my deposit? How to get this back?
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Old 14.06.2017, 12:10
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Re: Housing (renting) company went insolvent, what to do now?

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What will happen with my deposit? How to get this back?
That should be safe in a separate bank account that they cannot touch.
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Old 14.06.2017, 12:16
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Re: Housing (renting) company went insolvent, what to do now?

Is this a furnished studio? And the studio one single room? Then, it can be considered as a furnished room. If the contract says nothing else, the termination would be legally valid on June 30. (Two weeks notice period to the end of the Month). Art. 266e Code of Obligations https://www.admin.ch/opc/en/classifi...dex.html#a266e and also Art. 266g

For furnished rooms there is no legal prescribed form for the termination. An email is o.k. But with the draw back that delivery can not be proved unless you reply or otherwise acknowledge the content.

Your deposit should be in a bank account on your name. But if it is a furnished room then this is not required by law. This is only legally required for residential premises (Art. 257e https://www.admin.ch/opc/en/classifi...dex.html#a257e), which a furnished room is not.

If the room is unfurnished other time limits and clauses apply as it will be consider a residential premise.
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Old 14.06.2017, 12:17
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Re: Housing (renting) company went insolvent, what to do now?

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That should be safe in a separate bank account that they cannot touch.
How to get the deposit bank if the company has become bankrupt? They are no longer picking up the phones and they probably fired the employees.
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Old 14.06.2017, 12:20
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Re: Housing (renting) company went insolvent, what to do now?

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How to get the deposit bank if the company has become bankrupt? They are no longer picking up the phones and they probably fired the employees.


My landlord has a separate bank account for the deposit and I get yearly statements.
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Old 14.06.2017, 12:22
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Re: Housing (renting) company went insolvent, what to do now?

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Is this a furnished studio? And the studio one single room? Then, it can be considered as a furnished room. If the contract says nothing else, the termination would be legally valid on June 30. (Two weeks notice period to the end of the Month). Art. 266e Code of Obligations https://www.admin.ch/opc/en/classifi...dex.html#a266e

For furnished rooms there is no legal prescribed form for the termination. An email is o.k. But with the draw back that delivered can not be proved unless you reply or otherwise acknowledge the content.

Your deposit should be in a bank account on your name. But if it is a furnished room then this is not required by law.
Yes it is furnished. So it is 2 weeks time?
My deposit is not on a bank account on my name, but I transferred it to another account not used for crediting the monthly rent payments.
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Old 14.06.2017, 12:26
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Re: Housing (renting) company went insolvent, what to do now?

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Yes it is furnished. So it is 2 weeks time?
Correct. And the deposit is or better was most likely part of the assets.

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How to get the deposit bank if the company has become bankrupt? They are no longer picking up the phones and they probably fired the employees.
You have to go to the Betreibungsamt responsible for the town where the company was registered and lodge your claim.

See: https://www.notariate.zh.ch/deu/konk...erungseingabe/

Last edited by aSwissInTheUS; 14.06.2017 at 12:48.
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Old 14.06.2017, 12:37
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Re: Housing (renting) company went insolvent, what to do now?

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Correct. And the deposit is or better was most likely part of there assets.
The company is located in Baar (Zug). Where to do this? If the deposits are part of their assets, I basically have lost the money.
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Old 14.06.2017, 12:45
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Re: Housing (renting) company went insolvent, what to do now?

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The company is located in Baar (Zug). Where to do this? If the deposits are part of their assets, I basically have lost the money.
You can find the address of the Betreibungsamt here:
https://www.e-service.admin.ch/eschk...rd/navigate.do

Double check on Zefix that the address of the company is indeed in Baar:
https://www.zefix.admin.ch/

And yes you most likely lost the money: First any wages and pension money is paid, then social security contributions, the rest, if there, is any will be distributed equally. Means if the total remaining lodged debt is 10M and the remaining assets is 1M than everyone gets 10% of their claim.
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Old 14.06.2017, 12:50
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Re: Housing (renting) company went insolvent, what to do now?

I would also check the original contract for the phone number/street addy of the company and call them or go by and ask to make sure that that email is actually from them.

It could, theoretically, be a bit of human engineering by a third party to get you to stop paying your rent.
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Old 14.06.2017, 12:53
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Re: Housing (renting) company went insolvent, what to do now?

@drjz : Can you please send me the name of the company as a private message. Thank you so much.
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Old 14.06.2017, 13:03
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Re: Housing (renting) company went insolvent, what to do now?

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I would also check the original contract for the phone number/street addy of the company and call them or go by and ask to make sure that that email is actually from them.

It could, theoretically, be a bit of human engineering by a third party to get you to stop paying your rent.
I checked, but nope, it seems to be actually true.

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Can you please send me the name of the company as a private message.
Done!
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Old 14.06.2017, 13:06
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Re: Housing (renting) company went insolvent, what to do now?

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I would also check the original contract for the phone number/street addy of the company and call them or go by and ask to make sure that that email is actually from them.
OP told me the company name. My guess was right.

At least the company is not yet listed on Zefix as in bankruptcy, on the other hand the phone numbers listed on the company's website and also those found on local.ch are not answered. (Could be because it is lunch time, but at least an answering machine was expected).
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Old 14.06.2017, 13:08
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Re: Housing (renting) company went insolvent, what to do now?

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Yes it is furnished. So it is 2 weeks time?
My deposit is not on a bank account on my name, but I transferred it to another account not used for crediting the monthly rent payments.
Basic, horrible, dumb, terrible, massive mistake.

Funny, as some of the advice I gave on this forum are judged not helpful, yet, it appears to save a few thousands CHFS; when a disaster like this one eventually occurs...

Well, hope you have legal protection insurance to help you, even if, like it was said before, it's likely to be lost money.

Very bad practice by them collecting deposit on non dedicated accounts, no wonder why they bankrupted. I even wonder if it was not planned as it seems a easy way to pocket a few thousands CHF (3 months deposit, usually, so close to 10K!! per tenants...).
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Old 14.06.2017, 13:09
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Re: Housing (renting) company went insolvent, what to do now?

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Old 14.06.2017, 13:09
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Re: Housing (renting) company went insolvent, what to do now?

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I would also check the original contract for the phone number/street addy of the company and call them or go by and ask to make sure that that email is actually from them.

It could, theoretically, be a bit of human engineering by a third party to get you to stop paying your rent.
Or phishing, to get the keys + address...
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Old 14.06.2017, 13:12
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Re: Housing (renting) company went insolvent, what to do now?

Seems like new bankruptcies in Kanton Zug will be published every Friday. And even then there is some delay:
http://www.amtsblatt.ch/amtlich/14/1427?view=details

One error I made: You have do lodge your claim with the Konkursamt, and not with the Betreibungsamt. Sorry.
Anyway, there is no hurry for the claim. Wait for Friday, today the Konkuramt is on a field trip, tomorrow is a holiday.

Here the Ct. Zug Konkursamt
https://www.zg.ch/behoerden/volkswir...ion/konkursamt
they have template forms, use the "Konkurs: Forderungseingabe"
https://www.zg.ch/behoerden/volkswir...samt/formulare
They also will need a copy of your rental contract (proof of your claim), any other proof you have you paid the deposit, and a payment slip four your bank account which you can get from your bank.
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Old 14.06.2017, 13:15
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Re: Housing (renting) company went insolvent, what to do now?

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My landlord has a separate bank account for the deposit and I get yearly statements.
it's not technically accurate.
It should be a "SPECIAL" account specially made for deposit, with a special (poor) interest rate which is owned by the 2 parties (tenant and landlord).
Each bank in Switzerland offer such an account type. So it's not "your landlord account" but YOURS.

As for taking money back from it, requires agreement for both parties. And in case where the landlord refuses to unblock the money, there is an official procedure to unblock the account, by the bank, after a given duration (one year?) and after they contacted the landlord, even if unsuccessful.

It prevents the usual tricks by the landlord cheating on dumb foreigners (who are empowering crooks due to their lack of knowledge and lack of research).

It also protects the owners from running tenants who make damage and refuses to accept the consequences.

I have to say, that even if it has inconveniences (like a significant amount of money is locked away for long time), it still very good for both parties.
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Old 14.06.2017, 13:18
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Re: Housing (renting) company went insolvent, what to do now?

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it's not technically accurate.
It should be a "SPECIAL" account specially made for deposit, with a special (poor) interest rate which is owned by the 2 parties (tenant and landlord).
Each bank in Switzerland offer such an account type. So it's not "your landlord account" but YOURS.

As for taking money back from it, requires agreement for both parties. And in case where the landlord refuses to unblock the money, there is an official procedure to unblock the account, by the bank, after a given duration (one year?) and after they contacted the landlord, even if unsuccessful.

It prevents the usual tricks by the landlord cheating on dumb foreigners (who are empowering crooks due to their lack of knowledge and lack of research).

It also protects the owners from running tenants who make damage and refuses to accept the consequences.

I have to say, that even if it has inconveniences (like a significant amount of money is locked away for long time), it still very good for both parties.
The account should only be in the name of the Tennant as it's owned 100% by the Tennant. However the Tennant can't cash out the account without the approval of the Landlord.
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Old 14.06.2017, 13:20
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Re: Housing (renting) company went insolvent, what to do now?

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The account should only be in the name of the Tennant as it's owned 100% by the Tennant. However the Tennant can't cash out the account without the approval of the Landlord.
Correct but when creating you must provide the landlord name and details.
Not sure if the legal terms means "it's only owned by the tenant", but certainly the landlord has some unlocking rights to it.


With an example:
https://www.ubs.com/ch/en/swissbank/...al_surety.html
Disclaimer: me not like UBS, me only give quick example, especially that there are much better interest rates on other bank (still very insignificant rates).

And you right, it says there: " The UBS rental surety savings account is for receiving security deposits from tenants on the basis of a rental agreement. The rental surety savings account is in the name of the renter or renters".

What I meant was that the owner has the ability to unlock it so in a way they have some form of control.
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