Fictionalised composite — patterns from several liquidation and passion-asset files merged and altered. No operating name, no VIN, no account, no individual. Resemblance is structural, not confirmatory.
Who called
A senior liquidator at an established Alpine fiduciary group — the kind that already runs the register, the creditor list, and the awkward conversations with heirs. Not a crypto founder. Not a family office with time. A professional who needed the collectible off the balance sheet of confusion without selling it for scrap.
The asset: a classic sports car — mid-century, verified provenance, insured, garaged in two countries depending on which spreadsheet you trust. The estate also held operating companies, disputed loans, and a beneficiary pool that could not agree on colour, let alone exit.
The ask was not «make an NFT». The ask was: can this thing be expressed as fractional interests so creditors see liquidity path, heirs see fairness, and the liquidator stops being the default villain?
Why liquidators hate passion assets
- Valuation theatre — auction estimate vs expert opinion vs «my uncle said».
- Custody gaps — title in SPV A, keys with person B, insurance in name C.
- Fractional = securities-shaped almost before you open Figma.
- Time — liquidation clocks do not wait for whitepaper season.
The liquidator had seen pitch decks. We brought register discipline instead: classify the instrument, map rights (economic vs display vs storage), separate issuer SPV, custodian, and distribution — same architecture as our passion-asset token wrapper mandate, but with a creditor committee watching.
What we did (indexed, not theatrical)
- Corpus in one weekend — purchase contracts, service history, storage invoices, prior fractional discussions, registry extracts — searchable before counsel hour one.
- Structure memo — security vs utility vs payment token paths; TVTG prospectus fork if needed; Liechtenstein SPV holding title with Aktienbuch aligned to any token cap table.
- Liquidator pack — plain-language options for the creditor meeting: sell whole, fractionalise to qualified pool, or park in SPV pending claim resolution.
- Technology share — roughly ten percent partner-grade human review; the rest indexing, cross-reference, and revision loops on Spark — so the CHF/EUR 600+ hourly professionals argue about law, not about missing PDFs.
Outcome shape (illustrative)
Some mandates stop at structure + liquidator briefing — that is success if it prevents a wrong mint during insolvency. Others proceed to a small, professional co-investor pool with KYC and basis information. The collectible stays real; the cap table becomes legible.
We are not the liquidator. We are not the auction house. We are the indexed layer between the fiduciary who must close the estate and the counsel who must sign the instrument.
The car is not the hard part. The estate is. Tokenisation without liquidation discipline is just a faster way to annoy creditors.
Related: passion asset token wrapper · fund governance stall .