The first and most crucial step – carefully analyze the cash flow and property of the firm to understand whether you will be able to repay the creditors. After that, a specific internal document is prepared and notarized.
We strongly recommend involving lawyers in this step, as the hired management has a conflict of interest and doesn't always adequately understand the client's situation (especially a foreign client).
After notarizing the documents, they need to be sent to the trade registry
and the tax office. After that, the tax office will serve as you for a so-called Schlussbilanz (a closing balance). After checking the documents in the final stage, they will write a resolution to the trade registry of the canton (for or against the company's liquidation).
Even though this process can be described in one paragraph, it can take a long time, starting from 6 months and up to a few years. During the entire process, the tax office, the registry, the liquidator, the bank, and the creditors send documents back and forth.
As a result, a cantonal court judge rules for the liquidation of the company from the local registry, upon which all the documents are sent to an archive.