Pros and cons of liquidating assets
The trustee’s powers typically include the right to make discretionary distributions of income and principal to the grantor and, sometimes, to the grantor’s family, if the grantor becomes incapable of managing his or her own affairs.
When a grantor dies, the trust acts like a will, and the property is distributed to the beneficiaries as directed by the trust agreement.
Let us help you take a step back from the situation and explore all of your options.
Call us free on 0800 0385 140 or request a call back for expert insolvency advice What is a Creditors Voluntary Liquidation ?
I also spoke with Jen Lee of Jen Lee Law in California.
Taking the wrong approach could have serious financial consequences for both the entrepreneur and the company.
While the United States economy seems to be bouncing back from the recession of the early 2000s, many people are still saddled with debt that may be impossible to eliminate.
This overabundance of debt can lead people to consider filing for bankruptcy as a last resort when debt consolidation, mortgage restructuring or selling personal property aren’t enough to help them out of a financial hole.
It can also provide an opportunity to relaunch the business debt free, with the assets, employees and goodwill transferred and sold to a new phoenix company, which is debt free.
Of course you may wish simply to walk away from what you believe is an unrecoverable situation, but you may also want to get that second chance having learnt some very valuable business lessons.