Closing a business
Who buys data from closed companies: the programs, their size bars, and how the terms differ
On this page
- Programs that take closed companies
- Size bars: closed vs operating
- Selling data from a defunct company
- Do AI companies buy from closed businesses?
- How terms differ for closed companies
- Who signs, by wind-down path
- What stays out of the sale
- Wind-down services vs buyer programs
- Selling dead startup data: what to have ready
- FAQ
- Sources
The short answer
Who buys data from closed companies? Seven programs in our registry publish terms that take closing or closed companies: four buyer programs, one broker and two wind-down services (source: program terms, Regulr buyer directory). Their bars range from no published minimum to 50+ employees at peak, and the person who signs is whoever holds authority for the company at the time, which may be a director, a liquidator, an administrator or, in an ABC, the assignee.
Each term below is the program's own published wording, checked on its pages on November 8, 2026. Names and links are in our buyer directory.
Who buys data from closed companies: the programs that take them
These are every program in our registry whose own pages accept companies that are closing, winding down or closed. Programs that limit themselves to operating companies, or say nothing about status, are left out.
| Program | Closed-company terms | What it takes | Checked |
|---|---|---|---|
| Buyer program ABuyer program | Runs a separate form for defunct companies: 50+ employees at peak, English-language operations, substantial Slack or Teams data, and a list of 10 countries. That form names no price; it says selected companies are compensated based on dataset size, workflow complexity and data quality. | SOPs and playbooks, internal documents, knowledge bases, project workflows, Slack or Teams history. | November 8, 2026 |
| Broker ABroker | Any status: operating, winding down or closed, as long as the records exist. 20+ full-time staff now or at peak, 3+ years of records still on hand, US-based and working mainly in English. Its licensing partner makes the offer, signs the license and pays the business. | Email, files, shared drives, Slack, Jira and Google Drive. | November 8, 2026 |
| Buyer program FBuyer program | Active, winding-down and wound-down companies follow the same process. A wound-down company still qualifies if it kept exports or still has admin access. Pays by revenue share each time it licenses the record, not a fixed price; licenses to labs are nonexclusive, and it holds the only right to sell your record for 90 days after you sign. | Chat, email, tickets, wikis and docs, CRM and support history, databases and source code. | November 8, 2026 |
| Buyer program MBuyer program | Asks for 20+ full-time employees and English-language operations, with US companies preferred. Its intake asks whether the business is still operational and for the most full-time employees it ever had at once, so a closed company is assessed on its peak. | Code and commits, decision threads, financial records, support history, product logs, CRM and sales conversations, internal docs. | November 8, 2026 |
| Buyer program PBuyer program | Its FAQ addresses companies winding down: whoever holds signing authority for the entity at that moment, a director, a liquidator or an administrator, can sign, with proof of authority up front, and payment goes to the entity rather than to individuals. Deals so far run from $20K to several hundred thousand dollars. Its current pages no longer mention fully closed companies. | Reports and contracts, project data, CRM and sales records, financial records, product analytics, wikis, code repositories. | November 8, 2026 |
| Wind-down service AWind-down service | A wind-down service that sells or licenses code and workspace data for companies shutting down, and also works with operating companies. No upfront cost; it takes a percentage only if the assets are sold or licensed. It says it has facilitated deals in the tens to hundreds of thousands of dollars. | Source code, repositories and documentation; workspace data such as communications, documents and tickets. | November 8, 2026 |
| Wind-down service BWind-down service | A wind-down service that buys datasets from companies winding down and licenses them onward, so it sets the price as the buyer. No payouts published. | Internal communication, product cycles, engineering workflows and customer feedback. | October 15, 2026 |
One more buyer program, Buyer program N, asks for both peak and current headcount on its form but publishes no rule on closed companies (source: program terms, Regulr buyer directory). If your company is closed, ask it directly.
Size bars for closed companies vs operating companies
Headcount is the first screen most programs use, and for closed companies the question is usually how big the team was at its peak, not how many people are left. Here are the published bars side by side.
| Program | If operating | If closed | Note |
|---|---|---|---|
| Buyer program A | 30+ full-time | 50+ at peak | Higher bar for closed companies |
| Broker A | 20+ full-time now | 20+ at peak | Same bar for closed companies |
| Buyer program F | None published | None published | No minimum published |
| Buyer program M | 20+ full-time | 20+; intake asks for peak | Same bar for closed companies |
| Buyer program P | None published | None published | No minimum published |
| Wind-down service A | None published | None published | No minimum published |
| Wind-down service B | None published | None published | No minimum published |
The pattern is clear: one buyer program raises its bar for closed companies, from 30+ full-time employees to 50+ at peak, while the broker and another buyer program apply the same 20+ bar and both ask about peak headcount. Programs with no minimum care more about how complete the record is.
Can you sell data from a defunct company?
Yes, when three things are true:
- Someone can still sign. A dissolved Delaware corporation continues for three years to wind up and to dispose of and convey its property (source: Delaware Code Title 8, Section 278). In an assignment for the benefit of creditors, the assignee has power to sell or license the assets (source: 10 Del. C. 7310A, powers of assignee). Our guide to an assignment for the benefit of creditors vs dissolution explains who signs in each path.
- The company still owns the records. Data held under customer contracts usually stays out. Delaware's ABC act excludes from the estate property whose assignment is effectively restricted, unless the required consent is given (source: 10 Del. C. 7302A, definitions).
- A copy still exists. One buyer program says a wound-down company's record can still sell if it kept exports or still has admin access (source: program terms, Regulr buyer directory). Our guide to exporting company data before you shut down covers each vendor's deletion window.
Do AI companies buy data from closed businesses?
They do. MIT Technology Review reported on October 13, 2026 that AI labs and the companies that build training environments for them are buying code and workspace data from shut-down startups. It reported one shut-down startup's codebase selling for about $25,000, with its workspace data expected to bring about $15,000 more, and a bankrupt airline's decades of records selling for $10 million (source: MIT Technology Review, data from shut-down startups (Oct 13, 2026)).
The same report said one wind-down service values a client's assets by headcount, years in operation, data volume and how the team used its tools, and that buyers value records that capture disagreements and judgment calls (source: MIT Technology Review, data from shut-down startups (Oct 13, 2026)). A closed company has one advantage here: its record is complete. To see which of those factors your company has, try our data value checker.
How terms for closed companies differ from operating companies
Who signs
For an operating company, an officer signs. For a closed one, it depends on the path: an officer acting for the board in a dissolution, the assignee in an ABC (source: 10 Del. C. 7310A, powers of assignee), or the trustee in Chapter 7, after notice and a hearing (source: 11 U.S.C. 363 (Cornell LII)). One buyer program says plainly that a director, a liquidator or an administrator can sign and asks for proof of that authority before it starts (source: program terms, Regulr buyer directory).
Who gets paid
The company is paid, not the founders. One buyer program says it pays the entity rather than individuals (source: program terms, Regulr buyer directory). From there the money follows the wind-down rules: claims before stockholders in a dissolution (source: Delaware Code Title 8, Section 281), and a fixed order of secured creditors, costs, priority claims and unsecured creditors in an ABC or Chapter 7 (source: 10 Del. C. 7315A, distributions, 11 U.S.C. 726 (Cornell LII)). MIT Technology Review noted that these proceeds usually reach senior creditors and investors rather than employees (source: MIT Technology Review, data from shut-down startups (Oct 13, 2026)).
Headcount at peak
Operating companies are measured on today's staff. Closed companies are measured on their peak: 50+ at peak for one buyer program's defunct-company track, 20+ now or at peak for the broker, and a peak-headcount question on two intake forms (source: program terms, Regulr buyer directory). Keep an old org chart or payroll summary to show it.
Consent of the assignee, trustee or lender
Once a company is in an ABC or Chapter 7, the founders cannot sign a data deal on their own. The assignee or trustee decides, and a Chapter 7 trustee selling personal information must follow the company's privacy policy or go through a consumer privacy ombudsman and court approval (source: 11 U.S.C. 363 (Cornell LII)). A secured lender is paid from its collateral first in a Delaware ABC (source: 10 Del. C. 7315A, distributions), so expect it to have a say if its lien covers the IP.
How you are paid
A closed company usually wants one payment now. Not every program works that way: one buyer program now pays by revenue share each time it licenses the record and holds a 90-day exclusive selling right (source: program terms, Regulr buyer directory). That can suit a company that will exist for a while longer, and may not suit one that needs to distribute and close.
Who signs and who gets paid, by wind-down path
| Where the company is | Who signs the data deal | Where the money goes |
|---|---|---|
| Still operating or winding down, not yet dissolved | An officer, with board approval | The company, which can keep operating |
| Dissolved (Delaware) | An officer acting for the board during the 3-year wind-up period (see: Delaware Code Title 8, Section 278) | Claims paid or provided for first, then stockholders (see: Delaware Code Title 8, Section 281) |
| In an assignment for the benefit of creditors | The assignee (see: 10 Del. C. 7310A, powers of assignee) | Secured creditors from collateral, then costs, priority claims and unsecured creditors (see: 10 Del. C. 7315A, distributions) |
| In Chapter 7 | The trustee, after notice and a hearing (see: 11 U.S.C. 363 (Cornell LII)) | Six statutory tiers, owners last (see: 11 U.S.C. 726 (Cornell LII)) |
The practical lesson: the further a company moves down this table, the less the founders control the sale. If you want to choose the buyer and set the scope yourself, run the data sale while the company is still winding down under its own board.
What stays out of a closed company's data sale
Closing does not loosen the rules on what can be licensed. If anything, a closed company has fewer people left to check. These categories usually stay out:
- HR and personal records. MIT Technology Review reported that suppliers and buyers say they scrub personally identifiable information and exclude HR records, while one attorney it quoted noted that emails and calendars still contain private details (source: MIT Technology Review, data from shut-down startups (Oct 13, 2026)).
- Customer data held under contract. It belongs to the customer relationship, not the company's own record. In a Delaware ABC, property whose assignment is effectively restricted is not even part of the estate unless the required consent is given (source: 10 Del. C. 7302A, definitions).
- Personal information covered by a no-transfer privacy policy. In Chapter 7 it can be sold only consistent with the policy or with a consumer privacy ombudsman and court approval (source: 11 U.S.C. 363 (Cornell LII)).
- Secrets and credentials. Keys, passwords and tokens come out of code and chat before anything is delivered.
You approve the scope in writing before any data moves. A program that will not tell you what it excludes is one to question.
Wind-down services vs buyer programs for a closed company
Two kinds of program take closed companies, and they work differently.
- Wind-down services run or support the shutdown and handle the data sale as part of it. One sells or licenses code and workspace data and is paid a percentage on success; the other buys the dataset itself, so it sets the price (source: program terms, Regulr buyer directory).
- Buyer programs and brokers price the record directly or bring it to a licensing partner. Their bars, pay structures and exclusivity terms differ, as the tables above show.
One buyer is not a market
Convenience matters when payroll has stopped, but a single offer tells you little about price. Ask any program whether it is the buyer itself, which labs see your record, how it is paid, and whether its license is exclusive.
Selling dead startup data: what to have ready
- Exports of repos with full history, chat, tickets, docs and support tools, taken while plans were paid.
- Peak headcount, years in operation and the tools the team used, with something to prove them.
- Proof of who can sign today: a board resolution, an assignment agreement or a trustee appointment.
- A list of what you do not own: customer data under contract, third-party code, HR and personal records.
- Any lender liens or investor consent rights that touch the IP.
For startups specifically, our guide to shutting down a startup and selling its code and records walks through the order of steps. For every kind of closing business, start at our guide to closing a business.
How Regulr is paid, and how we write these pages
Regulr is a sell-side advisor. When a business we introduce signs a license, we may be paid a fee by the buyer or through a program's referral terms. We list every program we can verify whether or not it pays us, order is never set by fees, and every figure is the company's own advertised term with a link to where it says so. Regulr has not closed a data deal yet, so nothing here describes our results.
Frequently asked questions
Who buys data from closed companies?
Seven programs in our registry publish terms that take closing or closed companies: four buyer programs, one broker and two wind-down services. Three buyer programs accept closed companies, one through a separate form that asks for 50+ employees at peak. One buyer program focuses on who can sign during a wind-down. The wind-down services sell or buy shutting-down companies' code and workspace data. Our buyer directory lists them by name with links to their terms.
Can you sell data from a defunct company?
Yes, if the company still exists legally to sign, still owns the records, and still has a copy. A dissolved Delaware corporation continues for three years to wind up and to dispose of its property, and in an assignment for the benefit of creditors the assignee can license the assets. The usual failure is practical: hosted tools delete data after cancellation, so a company that kept no exports may have nothing left to sell.
Do AI companies buy data from closed businesses?
Yes. MIT Technology Review reported in October 2026 on AI labs and their suppliers buying code, Slack history and other records from shut-down startups, including a bankrupt airline's records that sold for $10 million. Several programs say closed companies are welcome, and one says a closed company's record is the same process as an active one as long as exports or admin access survive.
How do I sell dead startup data?
Export everything while paid plans are active, confirm who can sign for the company (the board in a dissolution, the assignee in an ABC, the trustee in Chapter 7), and check whether any lender or contract restricts the sale. Then compare programs that take closed companies on price, pay structure, exclusivity and who does the de-identification. Sign, deliver, and only then cancel the remaining tools.
Does headcount at peak count for a closed company?
Often, yes. One buyer program's defunct-company form asks for 50+ employees at peak. A broker accepts 20+ full-time staff now or at peak, and two buyer programs ask for peak headcount on their intake forms. A company that had 60 people and now has three can still fit.
Who gets the money when a closed company sells its data?
The company, and then its creditors before its owners. One buyer program says it pays the entity, never individuals. In a Delaware dissolution, claims are paid or provided for before stockholders receive anything, and in an ABC or Chapter 7 the assignee or trustee pays creditors in the statutory order. MIT Technology Review noted that such proceeds usually reach senior creditors and investors rather than employees.
Is a wind-down service or a buyer program better for a closed company?
It depends on time and price. A wind-down service that buys the dataset sets the price itself; one that sells on your behalf takes a percentage on success. Buyer programs price the record themselves, and some pay by revenue share rather than one payment. Getting more than one offer is the only way to know what the market pays.
Do I need the assignee's or trustee's consent to sell a closed company's data?
In an ABC or Chapter 7, the founders no longer sell the data: the assignee or the trustee does. Delaware's ABC act gives the assignee power to sell or license estate assets, and a Chapter 7 trustee sells after notice and a hearing, with extra limits on personal information if the company's privacy policy barred transfers. Your role is to help them find and export the records.
Sources
Program terms re-checked on each program's own pages on November 8, 2026, except one wind-down service whose site blocked automated access (last confirmed October 15, 2026). Our buyer directory lists the programs and links to their published terms. Delaware Code, US Code and MIT Technology Review read on their own sites on November 8, 2026.
- program terms, Regulr buyer directory
- MIT Technology Review, data from shut-down startups (Oct 13, 2026)
- Delaware Code Title 8, Section 278
- Delaware Code Title 8, Section 281
- 10 Del. C. 7302A, definitions
- 10 Del. C. 7310A, powers of assignee
- 10 Del. C. 7315A, distributions
- 11 U.S.C. 363 (Cornell LII)
- 11 U.S.C. 726 (Cornell LII)
Brian Boesen · Founder, Regulr AI
Brian runs Regulr AI, which works for established businesses that want to license de-identified records to AI companies. He checks each program's published terms against its own pages and updates these guides when they change. Last updated November 8, 2026.
This page is general information, not legal advice, and Regulr is not a law firm. Rules vary by state, by profession and by contract, and they apply to your facts, not to a category. You approve exactly what is in scope before anything is shared.
Keep reading