Be clear I am not a attorney. My Bankruptcy experience is limited to collecting from defunct customers and how it works depends on a lot.
Generally the court appoints a trustee who is representing the creditors as a group trying to obtain the maximum. He’s just guy trying for the highest price and most times paid a percentage. He does have some deadlines and often late in the process assets go for pennies on the dollar. Other times the opposite. Anybody serious gets in touch and asks how he’s going to liquidate. Trustee will give you the details, that’s his job.
William
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