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Liquidation, closure, winding up

Selling company data in liquidation and business closure

When a company is liquidated or closed down, its email archives, ERP and CRM data usually disappear with the cancellation of servers and licences. Yet they are assets that can be sold. We realise the datasets in anonymised form before they are lost.

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At a glance

  • Liquidators must convert the company's assets into money (§ 70 GmbHG). Company data are part of these assets.
  • The originals remain in safekeeping for ten years after the liquidation (§ 74(2) GmbHG). What is realised is an anonymised copy.
  • Anonymised datasets are no longer subject to the GDPR and can be sold instead of deleted.
  • Timing is decisive: before servers and licences are cancelled.

May company data be sold in a liquidation?

Yes. Company data are assets of the company, and the liquidation is meant to turn these assets into money. Personal content is anonymised first.

Under § 70 GmbHG, the liquidators must complete current business and convert the company's assets into money; in doing so they represent the company in and out of court.[1] Email archives, ERP and CRM records, project files and tickets are part of these assets. The market has adapted: with buyers such as Ooak Data, a liquidator can expressly sign the contract, and they also buy from companies that have already closed.[2]

Delete or realise?

Both can be combined: the originals are kept as required and deleted later, and an anonymised copy is realised.

Obligations in a liquidation and what they mean for the realisation
ObligationWhat it requiresConsequence for the realisation
Safekeeping under § 74(2) GmbHG[3]Books and records to be kept for ten years by a shareholder or a third partyOriginals remain complete; a copy is realised
Retention under § 257 HGB[4]Commercial books 10 years, accounting vouchers 8 years, business letters 6 yearsNo restriction as long as the originals remain available
Erasure under Art. 17 GDPR[5]Erase personal data when no longer needed and no retention obligation appliesAnonymise before deleting; anonymised data are no longer subject to the GDPR

The anonymisation itself is also processing of personal data and needs a legal basis; the legitimate interest in the realisation can serve as one (Art. 6(1)(f) GDPR). We carry it out as a processor under Art. 28 GDPR.

What do datasets from a business closure bring?

Five figures for small companies, usually six figures for mid-sized ones.

The US service provider SimpleClosure, which helps start-ups wind down, has brokered almost 100 data sales at US$10,000 to US$100,000 per company;[6] 47% of its deals now include a sale of code or data.[7] For companies with 50 to 250 employees, the buyer Replay quotes US$100,000 to US$1 million.[8] More in the article What is company data worth?

How does the realisation work in a closure?

As with any sale: describe first, then find a buyer, then anonymise and hand over. Only the timing is more critical.

  1. 1

    Initial call and estimate

    You answer nine questions on industry, software, data volume and history, or talk to us directly. We do not need access to the data for this and give you a first estimate.

  2. 2

    Data sheet and buyer search

    We describe the dataset without names, agree the data sheet with you and approach vetted buyers. Company and proceedings remain confidential.

  3. 3

    Fee and anonymisation

    As soon as a buyer has been found, we agree a success-based fee. Under a data processing agreement we anonymise the dataset locally at the seller; the buyer receives a sample under NDA.

  4. 4

    Licence and handover

    You approve the buyer, we hand over the anonymised data and then delete the mapping.

Does this also apply to sole proprietorships and partnerships?

Yes. Whoever closes their business decides on the realisation of its data; the retention obligations under the HGB and the AO apply to merchants as well.

In a succession or sale instead of a closure, some different rules apply. More on the page Company sale and succession.

Frequently asked questions

May data be sold in a liquidation?

Yes. Company data belong to the company's assets, and the liquidators must convert these assets into money (§ 70 GmbHG). Personal content may not simply be passed on, so it is anonymised before the handover and an anonymised dataset is licensed.

Don't the data have to be deleted in a liquidation anyway?

Personal data must be erased when they are no longer needed for their purpose (Art. 17 GDPR), unless a retention obligation applies. Anonymised data are no longer subject to the GDPR. If the data are anonymised before deletion, a realisable dataset remains.

Who signs the licence agreement?

For a German GmbH in liquidation, the liquidators, who represent the company in and out of court (§ 70 GmbHG). For sole proprietorships, the owner.

What happens to the originals?

The company's books and records must be kept for ten years after the liquidation (§ 74(2) GmbHG). What is licensed is an anonymised copy; the originals go into safekeeping as required.

How much does company data bring in a business closure?

Small wound-up start-ups achieved US$10,000 to US$100,000 through the US service provider SimpleClosure. For companies with 50 to 250 employees, buyers quote US$100,000 to US$1 million.

Sources

  1. [1]Federal Ministry of Justice (Germany): “§ 70 GmbHG, duties of the liquidators”
  2. [2]Ooak Data: “Partner with us”, accessed 20 October 2026
  3. [3]Federal Ministry of Justice (Germany): “§ 74 GmbHG, conclusion of the liquidation”
  4. [4]Federal Ministry of Justice (Germany): “§ 257 HGB, retention of records”
  5. [5]EUR-Lex: “Regulation (EU) 2016/679 (General Data Protection Regulation)”
  6. [6]Gizmodo (Bruce Gil), citing Forbes: “Failed companies are selling old Slack chats and email archives to train AI”, 17 April 2026
  7. [7]MIT Technology Review (Matthew King): “AI labs are buying data from dead startups to train their models”, 13 October 2026
  8. [8]Replay: “Value my data”, accessed 20 October 2026

This overview is no substitute for legal advice in the individual case.

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