An individual may also decide to liquidate assets, such as house and land for cash.
The cash could then be used to boost his or retirement nest egg or pay off creditors.
Liquidating Trust assets will be the source of funds for the Distribution.
For tax reporting purposes, holders of beneficial interests in the Liquidating Trust were deemed to have received a liquidating distribution of .67 per share upon the conversion of Crossroads Capital, Inc., into the Liquidating Trust on June 23, 2017.
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On November 16, 2010, pursuant to the Plan of Dissolution, REMEC, Inc. Sackett, as Trustee, entered into a Liquidating Trust Agreement for the creation and operation of the REMEC Liquidating Trust.
The REMEC Liquidating Trust commenced operating on January 1, 2011.
These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.
If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any. These include bondholders, the government (if it is owed taxes) and employees (if they are owed unpaid wages or other obligations).
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As such, the Trustee terminated the Trust effective on November 30, 2012.