Liquidation value (also: Liquidationserlös , Zerschlagungswert ; English liquidation value ) is in the economy the proceeds that can be achieved in the dissolution or liquidation of companies through the sale of all assets .
As a rule, it is assumed that solvent companies prepare their balance sheets according to the going concern principle and can assume that the company will continue to operate in the balance sheet . However, if they get into a corporate crisis or even bankruptcy , these going concern values may no longer be used. Then the liquidation value is the intrinsic value under the assumption that the company is not going to continue. The company is no longer seen as a unit, but as a collection of independent assets regardless of their intended use in the company.
The liquidation value is calculated as follows:
Gesamterlös aus dem Verkauf aller Vermögensgegenstände - Verbindlichkeiten - verpflichtende Rückstellungen (für Rückbau, Pensionen, u. ä.) - Kosten der Liquidation (Sozialplan, Transaktionskosten etc.) = Liquidationswert
The liquidation value is the amount expressed in money that results from the dissolution of the company on a specific date after the sale of the individual assets, the collection of receivables , the redemption of liabilities and after deduction of the liquidation-related transaction costs (especially the social plan).
Liquidation values usually come about through an emergency sale under time pressure , so that the original book values often cannot be achieved and high liquidation losses have to be accepted. If an operation is not continued, are in the evaluation of the assets typically tees and in the evaluation of liabilities carry surcharges. Impairments may result from the fact that the entire carrying amount of pre- collections of objects from the recovery of individual objects from the material entity can no longer be achieved. Therefore, in the end, neither the company value nor the intrinsic value can be achieved. The liquidation value almost always forms the absolute lower limit of the company valuation , regardless of which values are calculated using other methods.
The liquidation value achieved is to be distributed proportionally among the shareholders by way of a dispute .
- ↑ Internetassistent.de: Insolvency Law A to Z. Accessed on June 19, 2017 .
- ↑ Florian Böhmdorfer / Günter Kralicek, key figures for managing directors , 2008, o. P.
- ↑ Horst-Thilo Beyer (Ed.), Finanzlexikon , 1971, p. 245 f.
- ↑ Anton Huber, Receivables Management: Avoiding Payment Defaults - Collecting Outstanding Accounts , 2005, o. P.
- ^ Alfred Isaac, Bilanzen und Bilanztheorien , 1953, p. 60