liquidation

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liquidation

Business
a. the process of terminating the affairs of a business firm, etc., by realizing its assets to discharge its liabilities
b. the state of a business firm, etc., having its affairs so terminated (esp in the phrase to go into liquidation)
References in periodicals archive ?
Staff from chartered accountants Dains LLP have been ordered to start moves to place the company into creditors voluntary liquidation and will deal with demands for refunds from parents over nursery fees and party cancellations.
IN THE MATTER OF HANSAR HOMES LIMITED (In Voluntary Liquidation) AND IN THE MATTER OF THE COMPANIES ACTS 1963 TO 2009 NOTICE is hereby given that an Ordinary Resolution for the winding up of the above named company by means of a Creditors Voluntary Liquidation was passed on 26th September 2011 and that Tony McBride of Frank Lynch & Co was appointed liquidator for the purposes of such winding up.
AIB had informed the company last June that an event of default had occurred as the defendant had called a creditors meeting for the purposes of commencing a creditors voluntary liquidation. On June 4, 2010 the bank demanded immediate repayment of all loans, which totalled to nearly EUR6.14m.
Saltacres, which traded under the name Waremart, was placed into Creditors Voluntary Liquidation in September 2008, owing an estimated pounds 2.7 million.
All three firms, which had traded normally until last Friday, are being placed in a creditors voluntary liquidation.
The factoring company realised the invoices were false when NJ Transport was preparing to enter Creditors Voluntary Liquidation in March 2018.