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If the company is in debt, they may also begin addressing their debt with creditors.
In some cases, a liquidation committee will be formed to specifically oversee the liquidation phase.
Business liquidation is a process associated with the dissolution or sale of a business.
It is the process by which the company’s assets are sold or converted into monetary funds, with the proceedings going to company members, shareholders, and outside creditors who are owed money by the company.
Damages that are sufficiently uncertain may be referred to as unliquidated damages, and may be so categorized because they are not mathematically calculable or are subject to a contingency which makes the amount of damages uncertain.
For example, suppose Neil Townsend agrees to lease a store-front to Richard Smith, from which Richard intends to sell jewelry.
The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation) or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors, see below).
2285]§ 2302d - Major system: definitional threshold amounts§ 2303 - Applicability of chapter§ 2303a - Repealed.
In United Kingdom and United States law and business, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed.
Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
The contract provides that the contractor and the surety are liable to the Government for resultant damages.
The contracting officer shall use all retained percentages of progress payments previously made to the contractor and any progress payments due for work completed before the termination to liquidate the contractor's and the surety's liability to the Government.