Excess Technologies was created to address today’s challenges inherent in inventory liquidation: Excess Technologies utilizes outsourcing to reduce overhead and expenses, including contract warehouse and fulfillment centers.Our outsourcing approach, combined with our vast internal proprietary database of buyers, allows us to run a technology driven streamlined operation.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.The closing of the school and the winding down of its operations will take place in an orderly manner, and Wentworth will make every effort to assist students and their parents in effecting the students’ smooth transition to other educational institutions.The Board has directed the officers of the school to take all necessary and proper actions to cease all educational and related operations at the school’s Lexington campus, as well as to initiate the process of dissolving the school corporation and liquidating all corporate assets in accordance with the Bylaws of the corporation and Missouri legal requirements.If your company or close corporation ceases to operate, you may deregister it with the Companies and Intellectual Property Commission (CIPC). Deregistration implies that a business ceases to be registered as either a company or close corporation (no legal persona or standing) since it no longer is doing business and it has no outstanding assets or liabilities.
If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any. These include bondholders, the government (if it is owed taxes) and employees (if they are owed unpaid wages or other obligations).
Liquidation is the process of bringing a business to an end and distributing its assets to claimants.