Closed businesses
Closed or winding-down logistics firms: records AI developers may want to license
If your logistics business has closed, or is winding down, its records may still be worth licensing.
Records a closed logistics business may hold
A closed business holds the same kinds of records as a trading one, but who can decide what happens to them may have changed. See the page for your type of business.
What a closed logistics business should check before saying yes
Who can decide
Once a formal insolvency process starts, the owner may no longer be the one who decides. In a US Chapter 7 bankruptcy, the company must hand its records to the trustee (11 U.S.C. 521). In UK liquidation, the liquidator acts as the company's agent. Once a UK company is dissolved, its remaining property passes to the Crown (Companies Act 2006, section 1012). If the business owes money, proceeds may go to creditors and investors first.
Act early
Software providers may delete data soon after a subscription ends, some straight away and some after 30 days, so act before systems are switched off.
How personal details come out
Ask the firm how names and contact details are removed before anything is shared. De-identification explained sets out what to ask.
The terms of any offer
Read what you would be agreeing to, and get your own legal advice before you sign. Once data is used to train a model, it can't practically be pulled back out.
How it works
Fill in a short form and we reply by email within two business days. If it looks like a fit, we introduce you to a firm that represents owners in these deals and email you its name. The firm pays us a referral fee if you sign. See all three steps.
Check if your data qualifies
One short form. If it looks like a fit, we introduce you to a firm that represents owners in these deals. No cost, and nothing is shared without your OK.
Check if my data qualifies →Questions owners ask
My business has closed. Can its records still qualify?
They may, as long as you have the authority to decide what happens to them.
What if the company is in bankruptcy or liquidation?
Then the owner may no longer decide. In a US Chapter 7 bankruptcy, the trustee controls the company's records (11 U.S.C. 521). In the UK, a liquidator acts as the company's agent, and once a company is dissolved its remaining property passes to the Crown (Companies Act 2006, section 1012).
Do I have to pay anything?
No. If you sign with the firm we introduce you to, it pays us a referral fee out of its own share, so it doesn't reduce what your company is paid. You never pay Insightlanes.com anything.
Sources
- 11 U.S.C. 521: records handed to the trustee
- Companies Act 2006, section 1012: a dissolved company's property passes to the Crown