Asset management specialists recover and sell company assets obtained from bankruptcy courts, lenders, and leasing companies. They value assets and provide advice on liquidation and asset protection during bankruptcy.
Asset management specialists are liquidators who take physical possession of company assets, such as business equipment, to sell them to consumers and business owners at discounted prices. Specialists obtain the assets to sell mainly from bankruptcy courts, lenders and mortgage banks and leasing companies. Some examples of liquidating assets often include computer equipment, furniture, and furniture. Their jobs consist of asset valuation, physical recovery of the company’s assets and resale to the public. Specialists also advise companies that wish to liquidate their own assets or the assets belonging to others in which they have a legal interest.
Making valuations is an important aspect of the duties and responsibilities of asset management specialists. They must use business valuation processes and procedures to determine the market value of the assets they will own. Finance and business backgrounds often make people who want to work in the industry more marketable to clients and companies looking to hire specialists.
Leasing companies often need assistance removing assets from their premises when a lease expires. Failing companies may be required to leave their assets with leasing companies. For example, a company might sign a lease stating that the leasing company has collateral rights to the company’s assets and can seize it if the company defaults on the lease. Large companies or a leasing company with many tenants may not have the time, equipment and tools needed to reclaim and dispose of the property. These companies often hire asset management specialists to do the work, starting with pricing the assets and ending with getting the cash from liquidated sales.
Bankruptcy courts also use asset management specialists to repossess and sell company assets on behalf of creditors. Many creditors do not want to take the collateralized property or company assets in which they have an interest because of the debtor’s default. The courts are not dedicated to selling commercial equipment and rely on the experts to go through the process and get the money. Experts can also provide advice to clients on bankruptcy asset protection. For example, companies looking to declare bankruptcy can seek advice from asset management experts on how best to protect the company’s assets during the process and prevent them from being liquidated.
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