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Subject: Re: When a company goes out of business
From: Trudy M Phillips <[log in to unmask]>
Reply-To:Records Management Program <[log in to unmask]>
Date:Wed, 19 Nov 2008 16:12:57 EST
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There are many on this list that will come in with wonderful info far  
greater and eloquent than I.
 
From personal experience, I have seen the company just put their records in  
a rented warehouse and keep them for to many years because they are afraid to  
get rid of them.   In another case, a large corporation did this as  well, 
after pulling everything out of a commercial records storage facility as  even 
with paying the out fee it would be much less expense in the long  run.  Their 
opinion not mine.  Small businesses I have known  frequently are using a 
mini-warehouse and just rent another unit as  needed.
 
I was called in to review environmental records but that company which had  
been closed for a number of yeas, decided it did not want to pay my fee to tell 
 them what they must keep and what they could eliminate.  Again, they felt  
it less expensive to just keep everything.
 
I have seen mergers where the purchasing company did not want to do  anything 
with the records of the company  it acquired that would cost them  money.
 
Trudy M.  Phillips
File Management, LLC 
"Bringing Order Out of  Chaos"
8440 Lanewood Circle 
Leeds, AL 35094
Office:  205/699-8571   Fax: 205/699-3278 
_www.filemanagement.com_ (http://www.filemanagement.com/)  


In a message dated 11/19/2008 3:04:24 P.M. Central Standard Time,  
[log in to unmask] writes:

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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