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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.
Competitors may also be interested in buying your intellectual property (trademarks, copyrights, and patents) and any works or jobs in progress, as well as your customer lists and company name or product names.
You might find buyers for fixtures, furniture, and equipment by listing them on websites like e Bay, craigslist, or bid4
Keeping good records of your property and what happens to it will protect you in case a creditor later questions your liquidation of assets or in case you have to file for bankruptcy.
You will also need this information for your tax returns.
There are several ways to find companies in liquidation. Often companies in liquidation will place ads in the newspaper, on television or on the radio.
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.
Carl Carabelli has been writing in various capacities for more than 15 years.
He has utilized his creative writing skills to enhance his other ventures such as financial analysis, copywriting and contributing various articles and opinion pieces.
You can perform a simple web search for “companies in liquidation.” Another option is to use a site that offers listings of companies that are liquidating their assets.
Examples of these sites include Delisted, RS Trading Company and The Internet Marketing Association of Surplus Dealers. These agents assist other companies in the process of liquidating their assets.
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Likewise, leased property belongs to the lessor, not to you.