A private exploitation clause is not effective vis-à-vis other creditors in the general enforcement proceedings.29 The debtor`s pledged assets are part of the bankruptcy estate under Swiss law30 and are disposed of with the debtor`s remaining assets.31 The pawn creditor is entitled to payment on the proceeds of the security rights prevailing over other creditors.32 As a general rule, in the event of bankruptcy, the mortgaged assets are part of the bankruptcy estate. As a result, private execution of mortgaged assets is no longer permitted and enforcement can only be carried out under the Exploitation Act. Intermediate securities traded on a representative market are not subject to this restriction and private execution remains possible. If the mortgaged guarantees are held by a third party, they are also part of the bankruptcy estate.