Enforcement against pledged property

In Switzerland, a creditor whose claim is secured by a pledge generally uses enforcement against pledged property to obtain payment from the collateral. The procedure differs from ordinary seizure or bankruptcy enforcement because the pledged asset is the primary source of satisfaction. The enforcement office handles payment order, objections, realization and distribution of proceeds according to the applicable steps. If the proceeds do not cover the debt, the creditor may receive a document for the shortfall and pursue further rights subject to the relevant rules.