Dissolution order in New York hits Trump business operations hard ......
Engoron ordered a receiver to be appointed that would oversee the companies and sell off assets in the case, though legal experts told
Insider Trump would continue to own his buildings.
Former financial crimes prosecutor Diana Florence told Insider the situation is akin to a company going bankrupt, and likened losing a business license to losing a driver's license—meaning the person could still own the car, but they wouldn’t be able to do anything with it without the license to drive it.
The receiver will sell off assets and continue to take steps like paying the company’s bills until those assets are sold off, Florence said, and Trump would then receive any money that’s left over after paying the company’s debts as the Trump Organization’s beneficiary.
The ruling forces LLCs that Trump and his company own to be dissolved—but the process is likely to take years.
www.forbes.com