Asset Liquidation Management

Asset Liquidation Management for Bankruptcy

Problem: A Company was shutting down its operations permanently and filing for Chapter 7 business bankruptcy. The Company had little time to inventory its I T assets, wipe confidential data, manage logistics and work out the legal issues of an immediate Chapter 7 liquidation. To make matters even more challenging, the Company also needed to be out of its premises by the end of the month and receive court approval of asset sale immediately. Executive officers contacted Liquid Technology for the following services:

• Quick disposition of its technology equipment
• Complete asset liquidation management services
• Thorough and compliant data destruction
• Equipment liquidation and immediate payment

Solution: Liquid Technology, a leading provider of IT asset management services, provided the Company with a quick and efficient approach to liquidating its technology assets that would meet or exceed their needs and expectations. Primary concerns were focused on providing the client an immediate evaluation.

Result: Once the asset management agreement was reviewed and accepted by the bankruptcy courts, Liquid Technology performed a next-day removal of the decommissioned equipment from the Company's premises, with prompt asset liquidation management services resulting in expedited delivery of funds to the client. Once the immediate priorities were met, the removed equipment could now be processed in Liquid Technology's secure facility. All hard drives and recordable media underwent a comprehensive data wipe in accordance with D O D standards. Within 30 days, Liquid Technology's security destruction staff was able to provide the liquidating company's General Council with asset management documentation and data destruction records necessary for satisfying the court system. In addition, Company executives were relieved of the burden of managing these challenging tasks during this difficult time and were better capable of handling the business’ financial and personnel matters.