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Bankruptcy | Wind Down

Bankruptcy and Wind Down Client Scenario

Scenario:

A financial firm was shutting down its operations permanently and filing for Chapter 7 business bankruptcy. The firm had little time to inventory its IT 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 firm 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 provided the financial firm with a quick and efficient approach to liquidating its technology assets that would meet or exceed their needs and expectations. 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 firm’s premises, with prompt asset liquidation management services resulting in expedited delivery of funds to the client. All hard drives and recordable media underwent a comprehensive data wipe in accordance with D O D 5220.22M and NIST standards.

Result:

Within 30 days, Liquid Technology’s security destruction staff was able to provide the liquidating financial firm’s general council with asset management documentation and data destruction records necessary for satisfying the court system. In addition, firm 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.

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