Liquidating business definition
The debts still exist in theory, at least until the statute of limitations has expired, but there is no debtor to pay them, so they must be written off in practice.
Assets are distributed based on the priority of various parties’ claims, with a trustee appointed by the Department of Justice overseeing the process.
When a huge retailer has to close all of its stores, it liquidates everything, meaning the inventory and even the shelves and display cases are sold to bargain-hunters, to raise money for the company to pay its debts.
Liquidate comes from the Latin liquidare, meaning “to melt,” or “to clarify.” A recipe might ask you to liquefy the butter, not liquidate it, because liquidate has to do with assets.
Once the process is complete, the business is dissolved.
This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.
early 15c., "assistance, relief," from supply (v.).
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. 1979, 1986 © Harper Collins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012 Cite This Source early 15c., "assistance, relief," from supply (v.).Presume these are all closed if not resurrected as some other name.) AFM Technologies (does not appear to be MLM?) Africa Direct [ZA] / Table Charm AFS Pty Ltd / AFS Financial Services (now HOLLARD AUSTRALIA GROUP PTY LTD? [CH] Airlume Inc Airnex Communications Inc Airseed Ai Star Co Ltd [JP] AJIBOYE Software Development Akea LLC Akojaya SDN BHD [MY] Akuna Health Products Albedo [KR] (bankrupt? Google placement poor) Allegrovision Marketing Pvt Ltd Alliance Group, The Alliance Technology Intl (ATI) Allied Metalcraft Company/Corp [SG, MY] All In Poker All Jeweled Up All That's Natural Allthe Cash You All XClub Aloe Boost Aloette Cosmetics [US] Aloe Vera of Australia / The Natural World of Aloe Vera [AU] A. Italia SPA [IT] AMC International / Alfa Metalcraft Corp [DE, PL, SG, AT, ZA, IN, FR, HU, IT, JP, NL, ES, CH] Amega Global American Achievers, LLC / Greenway Formula 7 American Bill Money (cheesy, badly designed site) American Image Marketing American Income Life Insurance / Altig International American Longevity American Petroleum Promotions American Shoppers Network / ASN America's Future America's MLM Consultants America's Team Americ MLM SDN BHD [MY] Americore Mortgage Americraft Cookware [US] Amway / Quixtar / Alticor / Team of Destiny [AR, AU, BR, CA, CH, CO, DK, DO, FR, HR, HU, ID, IN, IT, JA, KR, MY, MX, NL, NO, NZ, PO, RO, SP, TH, TR, TW, UA, US, UK] (1979 FTC lawsuit for pyramid scheme, convicted of price fixing etc.; paid million in fines in a Canadian criminal fraud case in 1983; paid 0 million in fines for violating 1979 order in 1986) Anny Rey [FR] Anugerah Alam (Alami) [ID] Apeus Apona Schiller Gmb H [DE] Aqua America Aqua Genus / Aqua Hydrate Aqua Source Arabela Holdings [MX] ARAS Tiernahrung Vertriebsgesellschaft Mb H [DE] Arbonne International [US, CA, AU] A Touch of Tahiti ATX Inc.Generally, contracts that involve the exchange of money or the promise of performance have a liquidated damages stipulation.