Last Rights

Abstract

Abstract This book examines the business liquidation process — the winding up of the affairs of a company that has either decided voluntarily to liquidate or been forced to liquidate by its creditors. The contributors to the book have substantial hands-on experience in the reorganization and liquidation of businesses, the sale of business assets, and management of commercial litigation. They share their approach to maximizing and creating value in the deteriorating and chaotic business environment that so often leads to a company going out of business. The legal forums for liquidation — bankruptcy, state receivership, federal receivership, and assignment for the benefit of creditors — are explained. The liquidator's role, powers, duties, oversight, and compensation are outlined and the special rules for bankruptcy trustees are set forth. The chapters also cover the major tasks of liquidation including investigation of the company, termination of employees, disposition of assets, evaluation of litigation, resolution of claim, distributions and ultimately, and the dissolution or “winding down” of the company.