Selling (liquidating) of tangible assets for cash.
Their are two types of liquidation.
1. Forced liquidation:
A forced liquidation is Judicial Order by a Court of Law. The Order will specify what property is to be liquidated and how the proceeds from the liquidation sale will be allocated. Many circumstances can cause a forced liquidation (bankruptcy ,civil judgement ,divorce or governmental agencies collecting past due taxes) by a Judicial Court of Law.
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2. Voluntary Liquidation:
Voluntary liquidation is a method of turning excess inventories into cash. Liquidation of surplus retail overstocks ,closeouts and returns from department stores is one common type of voluntary liquidation. Government liquidation of surplus and used assets is another type of voluntery liquidation.
When purchasing liquidation merchandise use caution. Liquidation assets that are for sale have no warranty. All sales of liquidation merchandise are final. If you bid for a lot at a liquidation auction or surplus sale check the condition. If you can not plug in and test assume it is not in working order when calculating your bid. This way if it works you will be happy. If the liquidation lot # you are planning to bid on has many items that are the same and look in fair condition assume no more than 50% of the liquidation lot is in working order when calculating your final bid.