On receiving instructions from an insolvency accountant, we met him on site and then arranged a further visit to prepare an asset listing along with our estimate of total realisation potential – gross and net – if auctioned onsite.
A detailed written report was then submitted to the liquidator along with a realistic time line to prepare and conduct an onsite clearance auction.
Due to the non viability of the landlord’s requirement for extra rental payments and on the liquidator’s instructions, we selected the best of several alternate venues and arranged for the contents to be relocated prior to them being auctioned.
To effect a net saving in the packaging and transport costs, our own staff gathered together all of the smaller chattels (& there are lots of them in a nightclub), so that all the truckies had to do was load pre prepared cartons. That probably saved nearly $2,000!
There were some private treaty sales in addition to the auction, which was well supported and despite it being “offsite” we surprisingly achieved a total about 25% above the original onsite estimate.
Who knows what extra money would have been raised if the landlord had been more cooperative!