Michael (official Envion founder member):

At the moment we do not speak of activities of the regulator. The regulator (Finma) did not finish the investigation. What we have on the table is a decision of a swiss court to liquidate because of missing auditors. Liquidation is not a "refund". What the process (simplified) includes is handle all liabilities before the company gets closed. When it comes to identifying all liabilities, it gets pretty complex and different stances are possible. You could also argue that the contract says in the case of liquidation the token holder gets nothing -> no liability there -> most of the money to Aubel/MW. But would that make sense? The good news is that common sense is also applied. In our view the distribution of leftover assets to token holders (in case of liquidation that includes the give-up of the project) is reasonable, fairest and has a very strong chain of reasoning. Like stated before all has to be decide by the liquidator and all could still change with the decision of Finma at the end of their investigation.

Michael:
I do not know which "normally" you mean but please remember, that liquidation does not mean any refund in the first place. It could mean many things and hopefully tokenholders will get money and if you paid money for your tokens beforehand you could kind of call the fact of getting money a "refund" but please be careful with the word while discussing the liquidation. "Refund" or "money back" is not really directly what is on the table. I do not want to scare you as I believe there will be a fair solution but in the worst case scenario MW/Aubel find a way to make happen what is written in the contract: "It is expected the Tokens qualify as a bond instrument (Anleihensobligation). Further, the Tokens carry no right to receive any dividend nor any liquidation proceeds in case that the Company will be liquidated for any reason." - I asked some lawyers about this and they assured me that it is not realistic that it gets decided in a way that token holders / investors do not get anything but keep in mind that liquidation means giving the decision in the hand of someone totally new whos first contact might be MW. Again: I trust in a fair decision but trust not always ends good for us - as we know.