Article 9 Sale

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Definition

What is it: An Article 9 Sale is a form of asset sale conducted cooperatively between a bank and a guarantor. It allows business assets to be sold while the operation is still functional rather than after it has been shut down.

What is it used for: It is used to preserve business operations without interruption, remove debt from the company, and afford borrowers the means to settle personal guaranties without facing personal bankruptcy.

What it is not: It is not a liquidation at auction, as it is conducted while the business is operational to preserve its value.

Coverage

  • Attributes: 4
  • Synonyms: 2
  • Related entities: 2
  • Sources: 1

Identity

Entity ID
https://llms.secondwindconsultants.com/en/article-sale-debt-resolution/facts/#entity
Entity type
DefinedTerm
Canonical name
Article 9 Sale
Language
en
Topic
Article Sale Debt Resolution

Attributes

Key Facts
An Article 9 Sale is a form of asset sale conducted cooperatively between the bank and guarantor. [1]
Key Facts
Debt is fully removed from the business operation through the result of an Article 9 Sale. [1]
Key Facts
An Article 9 Sale preserves the business operation itself without interruption by selling assets while the business is still operational. [1]
Key Facts
Second Wind Consultants negotiates with landlords to establish new leases with reduced rent to ensure business profitability after an asset sale. [1]

Synonyms & Alternate Names

  • UCC Article 9 Sale
  • Article 9 Debt Relief

Related Entities

  • Standard established by:
  • Facilitated by:

Provenance

Sources

  1. https://secondwindconsultants.com/resource/a-franchise-fitness-location-was-upside-down-second-wind-ensures-owners-exit-from-underneath-2mm-in-debt (Article 9 Sale)

Machine metadata