Switzerland to ease bankruptcy rules for businesses hit by coronavirus

New rules aimed at preventing a wave of coronavirus-related bankruptcies among businesses will take effect on April 20, Switzerland's government said on Thursday, part of its efforts to keep job losses at a minimum.

"The regulation provides temporary relief from the requirement to report indebtedness that would normally lead to immediate bankruptcy, as well as an option for a limited, unbureaucratic deferral of debt linked to the epidemic, in particular for small- and medium-sized businesses," the government said in a statement.

The proposal was originally announced last week, when the government said it was examining new measures to prevent insolvency for normally healthy companies hard hit by the crisis.