(i) The process of realizing the assets and quantifying the liabilities of a company which it is proposed to dissolve. The court, on petition, may order the provisional liquidation of a company, in which case it may be resuscitated. Otherwise the court will issue an order for voluntary or compulsory liquidation. (ii) The finalization of a customs entry.
***
US: Dissolving a company by selling its assets for cash.
***
UK: Legal process of winding up insolvent companies. The liquidator endeavours to recover the maximum sums due to the company for the benefit of the creditors and other stakeholders. He may recover from the directors if they are personally liable to the company for any breach of duty. Liquidators have to carry out their duties with skill and care. Special enabling bonds are available for insolvency practitioners so that cover becomes automatic whenever needed. Liquidation may lead to claims under a directors’ and officers’ liability insurance.
***
MEDICAL,USA,REFERENCE: See: liquidation proceeding .