Auctioning requires legal permission from local industry-specific auction associations and the local government. Most often, commercial auctions become highly important when the company needs to liquidate to pay off their debts and complete their bankruptcy liquidation procedure or is moving on to other countries. Here are four important procedures before liquidators can hold your auctions.
You've Informed Your Association About Your Liquidation
Every business can only hold commercial auctions only if they've informed their respective association about their decision to discontinue local operations. In doing so, the business does not cause major fiscal and economic disruption in the local district economy. A business with a major stake in a district or city can cause a vacuum without proper liquidation scheduling, which is why this process is important.
The Company Has Filed For Bankruptcy
Commercial auctions become a major part of liquidation only after the company has filed for bankruptcy and gained a trustee that oversees the liquidation process. Unlike typical branch or property liquidation, bankruptcy protects the business from possible creditor abuse while ensuring the latter settles all remaining responsibilities through liquidation.
You've Contacted a Reliable and Experienced Liquidator
Decades-experienced liquidators such as us at Infinity Assets have worked with numerous companies that have filed bankruptcy or needed immediate asset liquidation for reinvestment. Working with similar liquidators grants you access to a great network of appraisers, outsource the responsibility of finding buyers, documenting your assets for auctioning, and other important aspects.
Repair and Restoration Liabilities
Lastly, appraisers ensure that your tangible equipment and workhorse assets are fully functional and gain the highest value possible. Market price knowledge isn't enough. It's important to repair and restore important areas to upgrade the perceived value of your assets up for auction.
Make Sure You're Working with Reliable Auctioneers for Maximum Profitability
Infinity Assets has been helping many Ontario businesses and organizations liquidate their assets in the fastest and smoothest way possible. With our 85 years of collective experience, we only guarantee exceptional results. Contact us today if you'd like to find out more about what we can do for you!