Liquidation stock buyers for administrators, liquidators and receivers

This page is for insolvency practitioners and their staff: voluntary administrators, liquidators, receivers and bankruptcy trustees, and the secured creditors who work alongside them. We work closely with administrators and liquidators already, and we'd like to work with more. Here's what we do and how we make your side of it easier.

What do we do for insolvency practitioners?

We buy stock from insolvent estates and resell it through our own buyer network. We've been buying and selling excess stock for over 30 years from our Sydney office, and stock from administrations and liquidations is a regular part of that. You deal with one buyer, usually for the whole parcel, and the stock leaves site.

According to ASIC, the most common corporate insolvency procedures are liquidation, small business restructuring, voluntary administration and receivership. Whatever the appointment, if there's stock to realise, we can help.

What matters to administrators and liquidators when selling stock?

From our experience, the same things come up on almost every job.

Speed

Stock costs the estate money every week it sits there: rent on the premises, insurance, security, and in some cases dates running down. We put a priority focus on clearing it. John surveys the market as soon as he has the details, rather than waiting for a sale event.

One buyer for the whole parcel

Insolvent stock is rarely tidy. There are good lines, slow lines, part cartons, returns, samples and things nobody can identify. In most cases we make one offer for all of it. You don't end up selling the best 20% and then paying to dispose of the rest.

A single, clean counterparty

You deal with John, one contact, from offer to collection to payment. We buy the stock ourselves. We don't charge a fee to broker or advise, and there's no chain of sub-buyers for you to manage.

Documentation

You need a clear file. We work from your stock list, and the offer, the parcel it covers and the payment terms are agreed with you before the stock moves. Payment is made promptly, as per our agreed terms.

Realising value for creditors

Our job is to find the buyer who'll pay the most for each type of stock: major retailers, discount chains, overseas buyers, charities, wholesalers and distributors. That spread of buyers is what lets us put a real number on mixed parcels. The fourth of our guarantees says it plainly: "We speedily and discreetly convert your stock into cash at the highest possible price, without damaging your market position."

Discretion

Insolvencies are sensitive for staff, customers, suppliers and the brands involved. We survey the market discreetly and don't advertise where stock came from.

How do you handle brand owners' and licensors' concerns?

Brand owners often worry that stock from an insolvent stockist will turn up cheaply in the wrong places. We take that seriously, because the brand owner is often also a creditor, and a supplier other customers rely on.

Our first guarantee is: "We strictly follow your guidelines in relation to pricing and distribution locations." In practice, that can mean export-only sales, no sale through particular retailers, no online listing, or selling only to buyers in markets where the brand isn't sold. Over the years we've handled licensed products, such as 62,000 licensed children's tumblers, plates, cutlery sets and bowls from a company liquidation, where the licence conditions matter. Our guide on protecting your brand when clearing stock has more detail.

What about mixed, messy or problem stock?

That's normal for us. Liquidation stock often includes damaged packaging, missing labels, short dates, faulty units or stock in odd places. We're transparent with our buyers about any issue, and we can often still find someone who wants it. We can't promise every item will sell, and we'll tell you straight if something won't.

Some examples from our files: a homewares parcel of 1,400 units and 400,000 digital photo prints, both from liquidations.

What should you send us?

The more we know at the start, the faster John can survey the market. A stock list spreadsheet is the most useful thing: SKU, description, quantity, cost or RRP if you're happy to share, and best-before dates for anything dated. Add photos of the stock as it sits, including pallets and outers, and the site address. If the stock list is incomplete, or there isn't one, send what you have. Mixed parcels with gaps in the records are common in insolvency work, and we'll work with it.

How does it work?

1. Send us the details. A stock list spreadsheet (SKU, description, quantity, cost or RRP if you're happy to share, and best-before dates for dated goods), photos, and the site address or addresses.
2. We survey the market. John discreetly checks with buyers to establish what the stock is worth.
3. We make an offer. In most cases for the whole parcel. If that isn't possible, John gives his best advice on how to sell the rest.
4. Collection and payment. Collection from the premises is flexible and agreed per parcel. We can arrange it, or the stock can be delivered. We pay promptly, as per our agreed terms.

Who is John Coorey?

John is Managing Director of Coorey and Co. He was previously Asia-Pacific Managing Director of a well-known battery manufacturer, and he has held senior roles at a Big 4 accounting firm. You can read more about us.

Questions about the insolvency process itself?

We buy stock; we don't give insolvency or legal advice. For neutral information on appointments, see ASIC's insolvency pages or ARITA's insolvency help. For background written for business owners, see our guides on liquidation stock and bankrupt stock.

If you have a current appointment with stock, or expect one soon, contact John on 0411 430 047 or at john@coorey.com.