Schafer and Weiner Winds Down Used Car Lot
July, 2023
Not all insolvency options require court action or bankruptcy. Occasionally, the best option for a struggling business is to just close its doors and dissolve its business under applicable corporate or LLC law. This was the case with a used car lot located in Detroit, Michigan. The business had lost its floor plan financing and was otherwise beset by merchant cash advance and other creditors. Without an ongoing business, Schafer and Weiner concluded that an out-of-court wind-down of the business was the most cost effective means to resolve its debt obligations.