Liquidating your business outside of bankruptcy can give you more control over the process and provide many additional benefits.

However, you cannot give away or sell the assets for significantly below market value.

Because you have a duty to minimize loss to creditors, you should sell the assets at a commercially reasonable price.

You can usually sell the company’s assets for more money than the bankruptcy trustee would get for them, and may be able to pay off all your creditors.

Further, doing it yourself also allows you to choose which debts get addressed and settled first.

Past auctions include recognizable names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.

Please contact us to discover how we can help you with our professional asset liquidation process.Liquidating the business yourself has several advantages over filing a Chapter 7 bankruptcy on its behalf.When you file a business Chapter 7 bankruptcy, the bankruptcy trustee takes over the entire liquidation process.There are multiple options you should consider in order to get the liquidity you need from your assets. Whatever you decide may depend on the specific situation of your assets, their condition, variety, quantity, the time you have to dispose of them, macro market conditions and more.You may consider conducting an auction for your assets, or you may decide to liquidate the assets (for the difference between the two methods see "Liquidation Sale vs. Liquidation value is the anticipated price which an asset is likely to bring under certain conditions including: Generally, due the existence of the above mentioned conditions, the liquidation value is considerably less than the Fair Market Value (retail value) in which both parties are typically motivated and neither is under compulsion to act.Evaluate the costs involved in your asset disposition plan as well as the potential costs (legal and otherwise) of not doing it.