👉 Liquidation is a legal process in which an insolvent company's assets are distributed to creditors, either through sale of the company or distribution by the company itself. The purpose of liquidation is to ensure that all debts are paid before any assets are sold. This can be achieved through the winding up of the company, where it becomes a dormant company and its liabilities are discharged.
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What is the definition of Liquidators? 🙋
👉 Liquidators are professionals who specialize in handling and liquidating assets, such as property, personal belongings, or financial obligations. They work to sell these assets at a fair market value to pay off creditors or other debtors. Liquidators can be hired by individuals, businesses, or government agencies to assist with the process of selling assets efficiently and effectively.
What is the definition of Liquidator? 🙋
👉 Liquidation is a legal process in which a company or business is sold to creditors. The goal of liquidation is to distribute assets and pay off debts as quickly as possible while still maintaining control over the company's financial health. Liquidators are typically appointed by the court, and their role is to manage the company's assets during the process. They work with creditors and shareholders to determine how best to proceed with the sale, including negotiating terms for the sale and distributing the proceeds to creditors.
