You might think it's worth a try turning it over to a collection agency - especially one that works on a contingency basis as it won't cost you anything.
However, if you don't have a good point of contact with the debtor, and it appears that they are, in fact, out of business, it doesn't make sense to refer the account to a collection agency. Once a business ceases operations there really is nothing any agency (or attorney for that matter) can do. If you have personal guarantees from the businesses' principals and contact information for them separate from the business (home address, social security number, etc.), a collection agency can try to find them and collect from them personally. In the absence of this, there is nothing for a third party to pursue.
Remember ... Don't wait until you have a serious collection problem. The best way to protect your profits is the early identification and referral of doubtful accounts!
http://www.mediareceivablemanagement.com/
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