Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ The li­quid­at­ors must wind up the cur­rent busi­ness, call in any still out­stand­ing share cap­it­al, real­ise the com­pany’s as­sets and per­form its ob­lig­a­tions, provid­ing the bal­ance sheet and the call to cred­it­ors do not in­dic­ate over­indebted­ness.

² Where they as­cer­tain that the com­pany is over­indebted, they must im­me­di­ately no­ti­fy the court; the lat­ter then de­clares the com­mence­ment of in­solv­ency pro­ceed­ings.

³ The li­quid­at­ors must rep­res­ent the com­pany in all trans­ac­tions car­ried out for li­quid­a­tion pur­poses and are en­titled to con­duct leg­al ac­tions, reach set­tle­ments, con­clude ar­bit­ra­tion agree­ments and even, where re­quired for li­quid­a­tion pur­poses, to ef­fect new trans­ac­tions.

⁴ They may also dis­pose of as­sets by private sale, un­less the gen­er­al meet­ing has in­struc­ted oth­er­wise.

⁵ Where the li­quid­a­tion lasts for an ex­ten­ded peri­od, they must draw up in­ter­im ac­counts every year.

⁶ The com­pany is li­able for any dam­age res­ult­ing from un­au­thor­ised acts by a li­quid­at­or in the ex­er­cise of his du­ties.