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When a company liquidates its assets, savvy individuals and businesses have the opportunity to obtain those assets at a significantly reduced price.
Whether you are a consumer looking for a specific product or a business competitor looking to expand, a company’s decision to liquidate can be a huge gain for you.
You cannot sell these assets without the permission of the creditor; selling loan collateral before the loan is paid off is fraudulent and may even be punishable as a crime.
You'll need to speak to the creditor about how to handle the collateral if you can't repay the debt—whether you will give it to the creditor as is or sell it with the creditor's permission, giving the proceeds to the creditor.
In particular, the directors and officers of an insolvent corporation or LLC (one whose assets are worth less than its liabilities) have a statutory duty to minimize losses to the company's creditors.
But no matter how your business is organized, you commit fraud if you give away or sell business assets at below market rates or put your interests ahead of those of creditors.
As to accounts receiveable, don't forget that they will be much less valuable after you close.
So make a high-energy effort to collect them now, or sell them accounts receivable to a factor, or debt buyer, who will either buy your accounts receivable at a fraction of their worth or, for a fee, pay you a certain percentage of the debt up front and the rest when they collect it.
Request refunds on your workers' compensation premiums and liability insurance premiums, if your policies' terms allow it.
Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001.
Make a list of the physical property your business owns, as well as any money owed to the business in the form of rent, security deposits, and unpaid bills (accounts receivable) you still expect to collect.
(Get more information on accounts receivable factoring.) Don't cheat your creditors.
Do what you can to get a good price for your business assets—not just for yourself, but because you have a legal responsibility to your creditors to try to get fair market value for your assets.