Maynards regularly handles all aspects of business liquidation transactions, including consignment, transportation logistics, sale management, asset tracking, financial reporting, payment, and final reconciliation.
We return maximum value to our clients by combining traditional sales methods with innovative integrated marketing strategies, increasing the ease of purchase through tools such as online bankruptcy auctions.
This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.
Liquidation can also refer to the act of exiting a securities position.
In the simplest terms, this means selling the position for cash; another approach is to take an equal but opposite position in the same security, for example, by shorting the same number of shares that make up a long position in a stock.
Maynards manages business liquidation projects from seven permanent offices in Canada, the United States, Europe, Japan, and China.
Maynards is very active in the asset conversion and monetization of industrial equipment and commercial inventories through bankruptcy sales, auctions, and structured liquidation programs.
In addition, in September of 2005, the Liquidating Trustee filed a refund request with the IRS, which, as noted by the Second Circuit, was still pending nearly nine years later. Noting that § 106(a)(1) of the Bankruptcy Code lists 59 provisions of the Bankruptcy Code where sovereign immunity is abrogated, the Second Circuit observed that § 505, which related to the determination of tax liabilities, is specifically listed therein. For more information, please see the firm's full disclaimer.
Between 20, the Bankruptcy Court entered a series of decisions which, among other things, dismissed the IRS's administrative expense claim and granted summary judgment in favor of the Liquidating Trustee on account of his counterclaim for the tax refund. The Bankruptcy Court also denied the IRS's administrative expense claim and enjoined the IRS from exercising its rights of setoff or recoupment. Following the issuance of the Bankruptcy Court's decision, the IRS appealed to the United States District Court for the Eastern District of New York (the "District Court") arguing, among other things, that sovereign immunity "(i) foreclosed bankruptcy court jurisdiction over the refund counterclaim, and (ii) prevented the [IRS] from being bound by the anti-setoff and anti-recoupment provisions of the Plan." Id., at 8. The Bond court then analyzed § 505(a)(1) of the Bankruptcy Code, which provides that: [e]xcept as provided in paragraph (2) of this subsection, the court may determine the amount or legality of any tax, any fine or penalty relating to a tax, or any addition to tax, whether or not previously assessed, whether or not paid, and whether or not contested before and adjudicated by a judicial or administrative tribunal of competent jurisdiction. Assets are distributed based on the priority of various parties’ claims, with a trustee appointed by the Department of Justice overseeing the process.The most senior claims belong to secured creditors, who have collateral on loans to the business. In Bond, the court approved the creation of a liquidating trust in connection with the bankruptcy cases of PT-1 Communications, Inc. The facts of this case are relatively straightforward.Liquidation can also refer to the process of selling off inventory, usually at steep discounts.