Iowa cleaning supply manufacturer Harper Brush Works Inc. has had a proposal to auction off its assets approved by a U.S. Bankruptcy Court for the Southern District of Iowa judge amid accusations that an auction will not raise more funds than an asset liquidation.
The family-owned maker of brooms, floor brushes, and other cleaning tools filed for Chapter 11 bankruptcy in May, listing its assets at $10.4 million with $10 million in liabilities.
The auction is set to open with a bid of $2.2 million for all of the Harper’s current assets. Opposing bids will be due on November 14, with the auction set to take place on the 19th.
Making the decision to auction off your business’ assets in bankruptcy is not easy. If you’re facing overwhelming business debts and are looking for relief, consulting with a business bankruptcy attorney can help you make the right decision for your circumstances.
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