Liquidation
A formal process that closes a company, realises its assets and distributes available funds to creditors before the company is dissolved.
Related terms
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Provisional liquidation
A temporary court appointment of a provisional liquidator before a winding-up petition is finally decided, usually where assets or the company need urgent protection.
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Compulsory liquidation
Court-ordered liquidation of a company, usually following a winding-up petition presented by a creditor or another authorised party.
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Distribution
A payment made from available funds in an insolvency process to creditors or other entitled parties according to the legal order of priority.
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