I'm a part owner of a corporation. The corporation has decided to liquidate it's assets (mostly real estate), and voluntarily shut down. The company has two pensions on its books. The pensions are unfunded and unsecured. and for a fixed amount per month for a fixed number of years. Both pensions have several years remaining. One of the pension holders is a 25% stockholder and officer who voluntarily participated in the decision to liquidate. Are the pension holders entitled to the future amounts due out of the liquidation proceeds, or are the amounts lost as the business is shutting down.
Business debt has different implications depending on how the business is structured. In some cases, you may be personally liable.
Liquidating assets involves the selling of assets such as inventory, equipment, or real estate, typically when a business is closing.