Whether a business closes tnru bankruptcy or just shuts down, there are
liabilities that live on. The officers and owners of the company/
corporation are still answerable to taxing authorities, legal situations and
pension and workman's compensation agencies. They should keep the records
according to appropriate retention requirements, but they don't need to keep
them in an organized manner, even if that would be smart. I guess they can
keep them in a storage locker until the first time that they need to produce
things, and then spend the money to organize things.
Bernard Chester, CDIA+, ICP, EDP
Principal Consultant
IMERGE Consulting, Pacific Northwest Office
7683 SE 27 Street, #316
Mercer Island, WA, 98040
Office: 206-230-9253; Mobile: 206-979-7389
-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf
Of Tom Wilson
Sent: Wednesday, November 19, 2008 1:03 PM
To: [log in to unmask]
Subject: [RM] When a company goes out of business
With the current business climate being in recession or decline, it got me
thinking about companies which go out of business and what happens to their
records. To "go out of business" I guess could happen in a lot of ways so
that's one variant. And depending on the type of business it is,
proprietorship, partnership, corporation or some form of one of those is
another variant. For coporations, public or private might be another
variant.
Let's say a private corporation goes out of business and ceases to operate.
What happens to their records and is there any formal guidance for this or
protection of business partners, customers, etc?
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