Bankruptcy / Insolvency Law
Liquidation
The process of winding up a company by converting its assets into cash and distributing the proceeds among creditors according to a legally specified order of priority.
Liquidation typically follows a failed insolvency resolution process, or can be initiated directly in appropriate cases, with a liquidator appointed to sell the company's assets and distribute proceeds — secured creditors, workers' dues, and other specified categories are paid before general unsecured creditors.
Once liquidation and distribution are complete, the company is finally dissolved and ceases to legally exist.
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