Most of it is deleted when the last software bill goes unpaid. Before that, a copy of the company's docs, tickets, code and internal chat can be licensed to AI labs, and the fee is paid to the company like any other asset sale.
What a shutdown deletes
Google Workspace, Microsoft 365, Slack, Jira and GitHub accounts close when billing stops, and each vendor deletes the data on its own schedule after that. Once deleted it cannot be licensed, so the decision has to be made while the accounts are still paid.
What can be licensed
Work product the staff created: documents, specifications, tickets, code, internal chat, sales notes. Not files the company only held for a customer, and not personal data its privacy policy said it would never transfer. We scope those out before anything is copied.
Who signs
It depends on the route. The board signs in a dissolution, the assignee in an assignment for the benefit of creditors, and the trustee in a bankruptcy. The fee goes to the company and is paid out in the usual order, creditors first.
What to send first
The company name, peak headcount, the years the records cover and the systems they sit in. That is enough for a free estimate in a few business days.