GLOSSARY
Liquidation definition
What does Liquidation mean?
The process by which a company's assets are realised for the benefit of its creditors.
A liquidation may be compulsory, in which case it is initiated by an order of the court, or it may be voluntary, in which case it is instigated by the company itself. There are several powers which are only available in a compulsory winding up.
Insolvency
The process by which a company's assets are realised for the benefit of its creditors.
A liquidation may be compulsory, in which case it is initiated by an order of the court, or it may be voluntary, in which case it is instigated by the company itself. There are several powers which are only available in a compulsory winding up.
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