Updated October 2026
Winding down a business: the data steps in the checklist
Your wind-down checklist already has the final tax return, the last payroll, notices to customers and the dissolution filing. It almost certainly does not have the company's data, even though AI companies now pay to license email, Slack and files from businesses that are closing. Here are the few steps to add, and where they go so the data is still there when a buyer asks.1
At the start
Put the data inventory beside the dissolution filing
A SimpleClosure guide says asset value drops fast during a shutdown and advises talking to buyers while the dissolution filings go in. So "list the data" sits next to "file to dissolve", near the top of the checklist, not on the last page.2
The list itself is short. For each workspace, mailbox, shared drive and code repository, note who runs it, which years it covers, roughly how many people used it, and anything in it that should never leave the company.
Then add "take the quiz" right under it. It takes a couple of minutes and introduces you to the buyers we work with that take a closing company of your size, so outreach starts while the accounts are still live. Pewter, for one, counts your staff at the peak and says the owner's part takes about 1 hour.3,4
| Fact | Value and source |
|---|---|
| Timing of a wind-down sale | Asset value erodes quickly during a shutdown; start inventory and buyer outreach alongside dissolution filings, when buyer leverage is usually strongest |
| Workspaces deleted after non-payment | Slack, Google Workspace and GitHub organizations get deleted after non-payment; keep paying until a buyer has sampled, and ask support whether a lapsed workspace can be restored |
| Who owns a closed company's assets | If the company went through an administrator or liquidator, ask them; check with whoever handled the dissolution before listing anything |
| What SimpleClosure leaves out | Sensitive employee and health records are excluded; code, Slack, email and docs are in scope |
Subscriptions
Move "cancel software" below "buyer has sampled"
Cancelling subscriptions is usually an early cost cut, but for the tools that hold the archive it should come late. aitrainer.work says Slack, Google Workspace and GitHub delete accounts after non-payment, and suggests paying until a buyer has sampled the data.5
Cancel everything else on schedule. Keep only the tools that hold email, chat, documents, tickets and code, with one working admin login each.
Authority
Write down who can act for the company
If the company went through an administrator or liquidator, aitrainer.work advises asking them, and checking with whoever handled the dissolution, before listing anything. Write that person's name and contact details on the checklist before you talk to buyers, and take the question of who can sign to your own lawyer.6
Exclusions and paperwork
Agree what stays out, then keep a record of what went
SimpleClosure keeps sensitive employee and health records out, while code, Slack, email and documents can go in. Add a line, "what stays out agreed with the buyer in writing", and tick it before any export leaves the company.7
Then keep the paperwork. Frankfurt Kurnit Klein & Selz notes that if a company is later acquired, a past data sale will come up and the acquirer will expect to see the record, and anyone who later asks what left the company and when will want it too.8
FAQ
Questions, answered with sources
Near the top. A SimpleClosure guide says to start inventory and buyer outreach alongside the dissolution filings, because asset value erodes quickly during a shutdown.2
Not until a buyer has sampled it. aitrainer.work says Slack, Google Workspace and GitHub organizations get deleted after non-payment.5
aitrainer.work says to ask the administrator or liquidator if there was one, and to check with whoever handled the dissolution before listing anything.6
SimpleClosure names two categories it will not take: sensitive employee records and health records.7
Frankfurt Kurnit Klein & Selz notes that if the company is later acquired, a prior data sale will come up in diligence and buyers will expect to see the record.8
The IRS says a final return is filed for the year the business closes, and that how long to keep each record depends on what it records.9
Every business is different, so this one is best talked through with the buyer you're working with. Their team goes over it with you before anything is signed.
Every business is different, so this one is best talked through with the buyer you're working with. Their team goes over it with you before anything is signed.
Before you sign
Questions to talk through with your buyer
Every business is different, so these are best talked through with the buyer you're working with. Their team goes over them with you before anything is signed.
Questions for this kind of business
- Does a data license signed during the wind-down survive the dissolution, and who enforces it afterwards?
- If an assignee or trustee is appointed later, what happens to a license we signed before?
- Who owns this data: the company, an estate, or someone else?
- What are the trustee's, assignee's, receiver's or board's duties, and who receives the proceeds?
- Which proceeding fits: an ABC, Chapter 7, Chapter 11 or a dissolution?
Questions for any buyer
- Is the license exclusive, and for how long?
- Can you sublicense the data, and to whom?
- Which AI labs will receive it, and will you tell us?
- How long do you keep it, and how is it deleted?
- What is your liability cap, and who indemnifies whom?
- Will the contract ban re-identification of people in the data?
- Who removes personal data, by what method, and do we approve it first?