These considerations may tip the scales in favor of setting up a liquidation vehicle and bringing in an administrator experienced with winding down operations.The dissolution procedures for a business organization vary, depending on the type of entity and the jurisdiction in which it is formed.Its office properties include various building office complexes and Bank of America Center in San Francisco.
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A liquidating trust can also be a useful tool outside of bankruptcy.
Business organizations that are dissolving may wish to use a liquidating trust in order to delegate the administration of the winding up process.
While the managers of a business may be well-suited for the tasks of running a going concern, their talents may not be optimal for the winding down process, which consists of marshaling and selling assets, making distributions to and communicating with creditors and estimating reserves.
These tasks may not justify the salaries being paid to the management team, which may wish to move on to new challenges.
If a liquidating trustee’s standing to enforce estate claims, as an appointed representative under Section 1123(b)(3)(B), is challenged, the trustee must first demonstrate that he or she has been appointed to enforce the claim.