To realize the company's assets, it must first be determined which assets may be sold and who is authorized to dispose of them. Every sale requires a permitted process that is documented in a verifiable manner. The chosen method of sale and a reliable valuation affect the proceeds that can be obtained. Depending on the composition of the company's assets, it must also be determined whether a sale of the company as a whole is possible. Sale results and associated costs must be recorded in full so that the available insolvency estate can be determined. Before distribution, creditors' submitted claims must be verified. The order of payment is determined by the legally applicable priority, not solely by the amount of a claim. Existing security interests and the priority of each claim can affect a creditor's share of the proceeds. Procedural costs must also be taken into account when determining the funds actually available for distribution. A verifiable accounting therefore links the assets, method of sale, proceeds, costs, verified claims, and resulting distribution.
Bankruptcy proceedings for realizing the assets of an insolvent company in Georgia
In bankruptcy proceedings in Georgia, the assets of an insolvent company are realized through permitted and documented methods of sale. The proceeds available are then distributed to satisfy creditors, taking into account verified claims, security interests, claim priorities, and procedural costs.
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