Administrators and liquidators with a US subsidiary: can its records add recovery?

What can an administrator or liquidator do about a US subsidiary's records?

Start by establishing who actually controls the US entity, because the answer decides whether you can act, must go through a US process, or must work with local officers. If the US company still holds years of records and a person with authority is willing, those records may add to recovery through a license, but only once the right approvals are in place. This is general information, not legal, tax or financial advice.

This page is for UK and EU insolvency practitioners. It is a map of the questions, not a substitute for advice from US insolvency counsel.

Why would a US subsidiary's records be an asset in the estate?

An estate usually looks first at receivables, property, intellectual property and the sale of the business. Operating records are often written off as a cost of closure. For a subsidiary with 50+ full-time employees at peak (contractors excluded) and several years of activity, they can be more.

AI developers are building software agents that carry out multi-step work, and they need examples of how real businesses handle tickets, quotes, approvals and exceptions. That kind of record is scarce outside company systems. SourceX arranges data licensing between companies that hold such records and AI labs and data buyers, from sourcing and rights review through delivery and payment. The company keeps ownership and is paid once, typically within about 60 days of invoicing after the buyer selects the data.

Who controls the US entity in your case?

Work through the structure before you contact anyone.

The explainer on Chapter 15 and US insolvency sets out how the main US routes shift control. The wider guide for international restructuring professionals covers the role more broadly.

The 4-gate test before you raise it

Four gates, in order. If a gate is closed, stop and fix it.

• Gate 1, authority: the person or court with control over the US assets has been identified and is involved.
• Gate 2, records: years of records still exist across several systems, and someone can export them.
• Gate 3, rights: the subsidiary created the data and no customer contract, employee notice or privacy commitment blocks licensing.
• Gate 4, estate fit: the estate's advisers are content that an exclusive AI-training license for an agreed term does not conflict with an asset sale or creditor arrangements.

Gates 1 and 3 are the usual blockers. Nothing is binding until the company, with any required approvals, agrees price and terms and signs.

When in the engagement should you raise it?

The sequence of a closure is covered in the guide to closing a US subsidiary.

How does the introduction work?

You pass on basic fit information only. You never export, upload or describe confidential records.

1. You register as a partner and use your referral link or the referral form.
2. The person with authority over the US company applies through the link.
3. SourceX qualifies size, history, data breadth and rights.
4. The company completes an inventory of its systems.
5. Price and terms are agreed, with court or creditor approvals where required.
6. Buyers review; once a company is deal-ready, they typically respond within about two weeks.
7. The deal closes, the data is delivered after an executed agreement and the company's authorization, and the company is paid.
8. Your reward is paid after SourceX receives payment.

De-identification and redaction rules are agreed with the company before any work begins.

What to say to a US officer or counsel

Lead with authority, not value. It signals that you intend to follow the process.

How do rewards work, and can an office-holder accept one?

Partners earn 25% of the eligible platform fees SourceX actually collects from the referred company's licensing deals, capped at $100,000 per referred company. The reward is paid only after the buyer pays and SourceX receives its fee; a lead, meeting or signed agreement alone does not trigger payment, and no reward is guaranteed. It is a share of SourceX's fee and never reduced from the company's proceeds.

Whether an office-holder may accept a reward, and to whom it must be declared or paid, depends on your regulator, your professional body and the terms of your appointment. Many practitioners will need to disclose it to creditors or the court. Confirm with your own body before registering. For the tax side of a payment from a US source, see the UK tax explainer, the UK VAT note and the W-8BEN-E guide; the referral earnings calculator and program terms cover the formula and conditions.

When not to bother

• The subsidiary was below the size baseline at its peak.
• A US court, trustee or assignee controls the assets and will not engage.
• The archives were deleted or nobody can export them.
• The data belongs to the subsidiary's customers without consent.
• The same data has already been licensed for AI training.

Next step

If gates 1 to 3 are open, register as a partner and introduce the person with authority over the US company.