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Our Liquidators Explain 5 Priorities When Liquidating Your Toronto Company

As you go through the liquidation process, you will likely face several challenges. Ensure that you prepare for your next step after each phase in the process is complete.

As you go through the liquidation process, you will likely face several challenges. Ensure that you prepare for your next step after each phase in the process is complete. Pinpoint preparation involves understanding more about liquidation and learning how to prioritize when taking on liquidation tasks. Our Toronto-based liquidators have many years of experience helping business owners as they enter liquidation. To help you move forward effectively, let’s explore your top 5 priorities when liquidating your company.

1. Saving Time

Business owners going through the liquidation process often find the requirements time-consuming. There is financial paperwork to complete, employment issues to resolve, and the process of managing any remaining business property. Therefore, saving time during the liquidation process is a priority. Selling your equipment with a qualified auction house can help you save many hours, as the auction house team will guide you regarding the equipment-sales process and handle the paperwork involved in transferring systems over to new buyers.

2. Getting a Return on Investment

Liquidating a company can provide you with a significant income if you plan the process effectively. Many assume that liquidating their assets means losing money on equipment, such as printers, copiers, and office computers, but this doesn’t have to be the case. You can gain a return on investment as you liquidate your assets by choosing a qualified specialist to help sell your equipment. Local auction houses hire equipment experts who can harness the bidding process to help you get a high return on your equipment investment. Partnering with an auction company early within the process can help plan all stages of the equipment sale effectively.

3. Minimizing Labour Costs

The main goal of liquidation is to help pay back some of the debt accrued from your business and to take a small profit when possible. Avoid spending too much on labour costs as you complete the liquidation. Hire a third-party auction house to handle these tasks, as auction houses have the resources and expertise to handle the work with precision. By selecting the auction house to sell your equipment, you can also further consolidate your expenditure.

4. Understanding the Phases of Liquidation

Perhaps the most important priority when you enter liquidation is to understand the phases involved in the process. Getting a clear picture of the road ahead will help you plan your work with Toronto liquidators effectively. For Ontario companies, there are 4 specific steps involved in the liquidation process:

  • Submit the Required Documents
  • Get Consent From the Ministry of Finance
  • Locate a Property Executor
  • Select a Qualified Auctioneer

Understanding and navigating each phase effectively is essential for a smooth liquidation process.

5. Planning for the Next Phase

One step that many business owners fail to consider when reviewing the liquidation process is the stage afterward. Plan for any house moves or career changes now so that you can streamline the transition once you’ve finalized your liquidation papers. Take the time to explore expert liquidation services offered by experienced Toronto liquidators like Michaels Global Trading. Planning for this critical post-liquidation phase will help you get back to work as soon as possible.

If you are interested in liquidating your company in Toronto, call us now for a personalized consultation. We have many years of experience as Toronto liquidators and can minimize the costs and the time required for the entire process.

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