With the encouragement of Peter I am posting my question to see what the listserv of Records Managers from all over the world have to say:

- is there a best-practice or set protocols on how a company who inherits another company's records because they went bankrupt and were bought out - how they can legally have them destroyed.

...and thanks Peter I will follow the directions you gave also.  Much appreciated and will talk to our in-house council as well.

Thanks
Karen

From: PeterK [mailto:[log in to unmask]]
Sent: Friday, January 27, 2012 11:25 AM
To: Heraldo, Karen (CA - Toronto)
Subject: Re: A question from a past listserv colleague

Karen
good question, and one you should post to the recmgmt-l listserv. I believe that John Montana has done some research for AIEF on mergers and acquisitions and how to handle the records that were acquired or will be divested. check the ARMA website for past articles in the ARMA magazines also check the AIEF website to see what research has been done.

my personal attitude is that acquiring a company is like buying any other piece of property except that you need to look at the documentation related to the acquisition and see what it says about assets. Check with your inhouse counsel. The question is "does the acquired organization's retention schedule still apply?" also "what about ongoing litigation or audits?"
On Fri, Jan 27, 2012 at 11:10 AM, Heraldo, Karen (CA - Toronto) <[log in to unmask]<mailto:[log in to unmask]>> wrote:
Hello Peter - trust all is well with you and Happy New Year - I am hoping you remember me as we have written in the past and you have given me (excellent) direction/insight albeit has been a couple of years now.

I really appreciated the legacy record threads yesterday and wanted to ask you personally Peter - is there a best-practice or set protocols on how a company who inherits another company's records because they went bankrupt and were bought out - how they can legally have them destroyed.


Thank you Peter and if there is a resource or another expert you could forward me to I would be so grateful!  Have an awesome day!

Karen Heraldo
Central Filing
Consulting Practice
Deloitte Inc.
Commerce Court South
30 Wellington Street West
P.O. Box 400, Stn Commerce Court
Toronto Ontario M5L 3G7
CANADA
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