Last week the court ordered my small business to liquidate. This is after 3 years litigation with my business partner who was going to purchase my shares and could not come up with the funds to due so. Thats the short story. We are to agree on a liquidator, I have no clue (nor does the person I spoke with at the SBA) who, what or where to find this person. My lawyer told me in court that I should find this person to save on fees. This is a small metal working shop.
Liquidating assets involves the selling of assets such as inventory, equipment, or real estate, typically when a business is closing.
Liquidation is the selling of a debtor's assets during bankruptcy proceedings, with the money from the sale of assets used to pay back creditors.
by attorney Gary Bollinger
How a Chapter 7 Bankruptcy Trustee distributes seized assets of the Bankruptcy Debtor to Creditors & Others.