The act or process of settling or making clear, fixed, and determinate that which before was uncertain or unascertained. As applied to a company, (or sometimes to the affairs of an individual,) liquidation is used in a broad sense as equivalent to “winding up;” that is, the comprehensive process of settling accounts, ascertaining and adjusting debts, collecting assets, and paying off claims.
Link to This DefinitionDid you find this definition of LIQUIDATION helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary