Liquidation Specialist
Liquidation specialists are Liquidators who take the possession of assets of company like business equipment. The main duties of specialists are to get assets from bankruptcy court and banks and sell them at discounted prices. Assets may include computer and mobile equipments and other furnishing material. Liquidation specialist does the evaluation of assets, recovery of assets. Specialists provide consulting services to the companies that are interested to liquidate their assets.
Estimation of assets is one of the major responsibilities of liquidation specialists. They must follow business valuation processes to have an idea about the market value of the assets. A liquidator with financial and business background is often more marketable to clients and companies.
The main duties of a liquidation specialist are:
1. Identify and take control of the Assets of the Company or Corporation and make sure that the assets are safe until they are sold.
2. Evaluation of cash value of those Assets by private or public auction.
3. Recovery of money from debtors.
4. Investigation of the financial deal of the Company or corporation to find any illegal transactions or possible fraudulent behavior.
5. Issue a detailed analyzed report to creditors and to the high court.
6. Draft a liquidation account.
7. Distribution of dividend payments among creditors.
Bankruptcy courts also utilize liquidation specialists for recovery and selling of corporate assets on behalf of creditors. Courts are not involved in selling of business equipment as a result they rely on the liquidators to go through the process and obtain the money. They also provide counseling to clients on bankruptcy asset protection. Large companies or corporate with many tenants do not have the time to do recovery of the property. These companies often hire liquidation specialists to do the work for them, which may include pricing of the assets and getting the cash from liquidated sales.
The average salary for liquidation specialist jobs is around $75,000. Salaries can vary greatly due to company, experience, location and industry.
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