What does company status strike off mean

to be taken is to record the decision on the closure in certified form. Suppose the shareholders are going to liquidate the company. In that case, the choice must be made by them at the general meeting, on an ordinary majority or a qualified majority in accordance with the articles of association if it is AG; in the case of GmbH, no less than two 60 percent of the votes represented and the absolute majority in the share capital; if it is a cooperative company, by a majority of no less than two-thirds of votes. The procedure occurs in front of the notary, who records the decision in a certified form.

is to appoint the liquidator. The shareholders need to find a liquidator specialist who will oversee the company's liquidation. Besides, the court can appoint the liquidator upon the shareholder's request, who has a compelling reason to do that.

is the registration of the company closure. The company has to submit a formal request for registration of the company closure to the commercial register. The request must be signed by a member of the board of directors having the right to sign, or by two members. In case of resignation of the board of directors, the liquidators must sign the request for registration of the company liquidation.

is the call to creditors. This step is significant. The liquidator must approach SOGC (the Swiss Official Gazette of Commerce) for the publication of calls to creditors according to Swiss legislation. The board of directors members can conduct the call to creditors before or after the General Meeting of Shareholders has adopted the resolution. The publication mentioned above aims to inform creditors about the company closure and direct them to make their claims voiced within the following year. A large number of creditors communicate with the Gazette.

is the liquidation itself. The process of liquidation can take years. The liquidator must make an inventory of the assets and be ready with the balance sheet, which contains debt claims emerging as a consequence of the publication of calls to creditors in the Gazette. All business activities must be ceased, the company's commitments must be executed, and the assets must be liquidated. Bankruptcy can also be declared if the assets of the company don't cover the debts anymore. Suppose there are no debts, but the company still has assets. In that case, the liquidator is in charge of giving the assets to the shareholders considering the number of their payments and paying attention to preferential rights on shares. Suppose it is a cooperative company, and the articles of association don't contain instructions concerning distributing the remaining assets among the shareholders. In that case, the extra amount of assets must be given for cooperative or other purposes in the public interest.

is the deletion of the trade register. The liquidator has the possibility to request the deletion of the company from the trade register not earlier than a year, assuming that liquidation is finished.