👉 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.