Generally the trustee appointed will either arrange to auction off the inventory assets of clients, put out a tender, or offer to purchase the inventory, which usually goes to the highest bidder on a cash basis.
Reselling the inventory can be accomplished in a few ways including selling the inventory to retailers on a wholesale basis or selling the inventory in smaller quantities to other inventory liquidators.
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Michelle Hogan is a writer and the author of 13 books including the 2005 bestselling memoir, "Without a Net: Middle Class and Homeless (With Kids) in America." Hogan studied English at American University and has been writing professionally since 1998.
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If your business is at solvent or nearly solvent, bankruptcy is not an option.
Or, even if you are nearly insolvent, you want to keep control, liquidate your assets and negotiate amounts owed to your creditors, to avoid the stigma of bankruptcy.
As with most things, it is a lot easier if you do these BEFORE the liquidation is in place.
Like many directors, you may well see the business and the company as the same thing. The business is the model for making money, and the company is the vehicle for implementing that.
As you only liquidate the company, and not the business, this means that you can go back to your business model, have a look at where things went wrong and put a new company in place to implement the new improved business model.
Liquidation does not mean an automatic ban on you being a director again.
There are plenty or reasons that businesses liquidate: The heirs or employees may want nothing to do with a takeover or succession plan.
They have been too close to the business for years and know the 24/7/365 routine required to be successful in many small businesses.
Later this can often be resold for as much as five times the purchase price on a wholesale basis, and as much as ten times on a direct-to-consumers retail basis.