Top Tips For Liquidating An Excavation Company's Assets For Probate Court


Liquidating a business for probate court can be an emotionally draining experience but one that needs to be done. Liquidating a business with heavy construction equipment, such as an excavation business, needs to be done carefully or you could dig yourself into a hole. Here are a few important things to do when liquidating the most important assets of an excavation company — earth-moving heavy construction equipment. 

Prepare the Equipment for Sale

In order to be sure there's enough money to pay off any and all creditors the business has, it's important that you sell the equipment for top dollar. In order to do this, you'll need to prepare the equipment for sale by making minor repairs by thoroughly cleaning the equipment, if necessary. Top off all fluid levels and make sure the pressure is correct in all of the tires. Alternatively, if the equipment is no longer functionable, selling it to a buyer for scrap may be the best option. 

Locate All the Documentation 

Another way to increase the value of the earth-moving equipment is to make sure you can provide the buyer with all of the maintenance and repair documentation for each piece of equipment, particularly if the buyer is planning on flipping the equipment for more profit. He or she would be interested in seeing what types of routine maintenance and repairs have been done on the equipment. 

Cancel or Transfer All Contracts

Often, businesses that have heavy construction equipment will have contracts for maintenance and repairs of the equipment. You'll need to find out the details of these types of contracts so you can contact those entities and inform them of the liquidation of assets for probate purposes. They may suggest transferring the contracts to the next buyer. If so, before selling to a buyer, ask the buyer if they would like to have the contracts transferred to them or not. 

Keep Records of Everything

Due to going through probate court to liquidate assets, it's crucial that you keep records of everything. Every phone call made, every phone message left, everything done to prepare the equipment for sale, every offer given by potential used equipment buyers, and every attempt to get as high a price as possible need to be written down and kept track of so you can show any creditors and the court that you tried to get the best price that you could when selling the equipment. 


31 March 2022

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After one of your buddies mentioned that land grading is "easy" with the help of a backhoe, you might have been more than willing to run to your local tool rental shop and rent one for the afternoon. After all, how hard could they be to use? Unfortunately, heavy machinery rentals can be tricky to operate, which is why going through a little training beforehand is so important. I have been working on my yard for years, and I have learned a thing or two about heavy machinery. Check out my blog to discover how to stay safe when you work with heavy machinery.