Zurich-based ATC communications business Schmid Telecom AG has been declared bankrupt after the administrator appointed as part of ongoing insolvency proceedings suspected its owner Peter Schmid of siphoning off money meant for the ailing business creditors.
In a judgement dated 27 September issued by the Zurich District Court, administrator Rolf Schuler detailed a catalogue of financial wrongdoing which led to insolvency measures being revoked and the launch of official bankruptcy proceedings instead of a creditors plan being put in place.
The business problems date back to before March when owner Peter Schmid seriously violated a November 2015 instruction not to make any further payments without the administrators written con…
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