liquidation

liquidation
index aberemurder, assassination, cancellation, composition (agreement in bankruptcy), discharge (payment), dispatch (act of putting to death), dissolution (termination), homicide, killing, murder, payment (act of paying)

Burton's Legal Thesaurus. . 2006


liquidation
The process by which a company dies. Under Part IV of the Insolvency Act 1986, there are three separate procedures - a member's voluntary winding up where a company is solvent, a creditors' voluntary winding up for insolvent companies and a compulsory winding up by the court. Once the process starts the company is administered by a liquidator who disposes of all assets, and distributes the proceeds to creditors and any remainder to shareholders. When the process is complete, the company is struck off the Companies Register and ceases to exist.

Easyform Glossary of Law Terms. — UK law terms.


liquidation
the procedure under which a company is dissolved (or wound up). Liquidation may be voluntary (where the company is solvent but where the purposes for which it was set up have been achieved or no longer exist) or compulsory (usually where the company is insolvent). The function of a liquidator is to convert the assets of the company into cash, which is then distributed among the creditors to pay off (so far as possible) the debts of the company. Any surplus is then distributed among the members. See generally the Insolvency Act 1986.

Collins dictionary of law. . 2001.


liquidation
An insolvency procedure instigated either voluntarily by the members or creditors of the company (voluntary liquidation) or by the initiation of court proceedings (compulsory liquidation) leading to the appointment of an insolvency practitioner, the liquidator, whose principal duty will be to realise the assets of the company and distribute them to those entitled. Insolvency procedures (such as administration and administrative receivership) do not necessarily result in the liquidation of the company.
For further information, see the Insolvency Service website: .
Related links
liquidation
+ liquidation
USA
Also known as liquidate.
In bankruptcy, the process of selling a debtor's property under Chapter 7 or Chapter 11 of the Bankruptcy Code with the proceeds to be distributed to creditors.
Related terms

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


liquidation
The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.
A type of proceeding pursuant to federal bankruptcy law by which certain property of a debtor is taken into custody by a trustee to be sold, the proceeds to be distributed to the debtor's creditors in satisfaction of their claims.
The settlement of the financial affairs of a business or individual through the sale of all assets and the distribution of the proceeds to creditors, heirs, or other parties with a legal claim.

Dictionary from West's Encyclopedia of American Law. 2005.


liquidation
The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.
 
A type of proceeding pursuant to federal bankruptcy law by which certain property of a debtor is taken into custody by a trustee to be sold, the proceeds to be distributed to the debtor's creditors in satisfaction of their claims.
 
The settlement of the financial affairs of a business or individual through the sale of all assets and the distribution of the proceeds to creditors, heirs, or other parties with a legal claim.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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