The process of company liquidation involves contacting several local government organizations to learn about your need to remove your stake in the local commercial or industrial market. In doing so, you gain licensing to close down and liquidate your establishment without causing unanticipated disruption to local economies. Liquidating a company asset is easy in Ontario. Just follow these four steps.
File for Bankruptcy (If Needed)
Filing for bankruptcy allows you to receive government support to find a trustee that negotiates your remaining responsibilities to your creditors if any. However, you can skip this liquidation of company step if you're just getting rid of your local asset. You'll need to talk to your local industrial association who will inform the local Ontario government of your asset liquidation.
Make a List of Assets you Need to Liquidate
An asset is any physical and fiscal properties your business owns that you need to liquidate to pay off debts or collect enough to pay for your relocation fees. These often include any business equipment including computers, phones, and cash registers. Vehicles, used commercial or industrial equipment are all assets. This is a crucial part of the steps to undergo liquidation of company.
Contact a Reliable Business Liquidator
Most companies try to go at it alone. They use their contacts in the industry and their competitors to purchase their assets. In many cases, online listings of used commercial and industrial equipment help increase the likelihood of selling the equipment. However, experienced liquidators such as us at Infinity Assets take care of finding asset buyers, holding auctions, and preparing for the auction.
Get Your Assets Appraised By Professionals
Lastly, experienced liquidators have access to a reliable network of appraisers who can recommend repairs, restorations, and other fixes that improve the value of your used heavy equipment and other assets.
Work With The Best Liquidators And Get The Highest Returns!
Here at Infinity Assets, you're definitely in good hands. We have been providing the best auctioning and liquidation services for different industries for 85 years across Ontario. Contact us today to learn all about what we can do for you!