How One Company in the United States Virgin Islands Assists with Debt Liquidation

With the help of partners such as David Johnson Cane Bay has become one of the United States Virgin Islands' leading business consulting firms. Getting there took becoming widely known as an especially reliable provider of a variety of valuable services.

While not necessarily the most common, one of the most impactful of these has been assistance with debt-related liquidation processes. When businesses are forced to shut down because of financial problems, their assets must typically be sold and the proceeds distributed to creditors. Under the direction of knowledgeable, experienced partners such as David Johnson Cane Bay has been able to assist with this frequently difficult process in especially productive fashion.

Settling Up the Affairs of a Business That is No Longer Viable

Most often, debt liquidation begins after the issuance of a court order that arises after a company seeks bankruptcy protection. In other cases, as with the voluntary, planned dissolution of a business that can for financial reasons no longer continue, more time and resources will be available to address all the associated needs.

In general, the liquidation process proceeds through a variety of stages, each of which requires particular types of expertise to see through. These can be described as:

Inventory and identification. The first step in almost every case is to identify every asset of value and to describe it in as detailed of a fashion as possible. In many cases, the resulting list of assets will run to hundreds of pages and include a wide variety of different types of items. From relatively portable assets like furniture and equipment to more permanent ones such as real property, all of a company's possessions of value must be identified.

Define and assess the options. With such a detailed list of assets in hand, it will then make sense to identify the most suitable ways of liquidating each of them. This will normally mean dividing assets up into categories, each of which contains items that can be sold through particular processes. A business might plan to hold an auction for its office equipment but list its headquarters on the open market, for example.

Estimate the proceeds. Finally, it will normally be helpful to arrive at an idea of what each asset might be expected to bring when sold. This will allow for a detailed proposal to be presented to creditors or to the court, as appropriate.

Making Sure That Stakeholders Receive What They Deserve

By working through a relatively straightforward process like this one, a business that is forced to dissolve can do the best possible job of living up to its remaining obligations to creditors. With companies like Cane Bay being ready to assist with this difficult work, success can virtually be assured.


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