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So make a high-energy effort to collect them now, or sell them accounts receivable to a factor, or debt buyer, who will either buy your accounts receivable at a fraction of their worth or, for a fee, pay you a certain percentage of the debt up front and the rest when they collect it.
(Get more information on accounts receivable factoring.) Don't cheat your creditors.
If you determine that liquidating your assets is your best course of action, follow these key steps.
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In addition to tangible property, you may be able to sell intangible property that your business owns, such as: As you liquidate these assets, you'll want to record on this list how you tried to sell each piece of property (save copies of ads or Web listings), who ended up buying it, and the amount you received.
Keeping good records of your property and what happens to it will protect you in case a creditor later questions your liquidation of assets or in case you have to file for bankruptcy.
You'll need to speak to the creditor about how to handle the collateral if you can't repay the debt—whether you will give it to the creditor as is or sell it with the creditor's permission, giving the proceeds to the creditor.
Also search for websites that specialize in auctions for your industry; there are sites that specialize in restaurant equipment, industrial machinery, high-tech equipment, construction equipment, and so on.
Request refunds on your workers' compensation premiums and liability insurance premiums, if your policies' terms allow it.
Because businesses pay workers' comp premiums in advance based on payroll estimates, workers' comp carriers are accustomed to adjusting accounts each year to return overpaid money, and you should get a refund without a problem.
Do what you can to get a good price for your business assets—not just for yourself, but because you have a legal responsibility to your creditors to try to get fair market value for your assets.
In particular, the directors and officers of an insolvent corporation or LLC (one whose assets are worth less than its liabilities) have a statutory duty to minimize losses to the company's creditors.
But no matter how your business is organized, you commit fraud if you give away or sell business assets at below market rates or put your interests ahead of those of creditors.