GLOSSARY

Liquidation definition

What does Liquidation mean?

Also known as Winding-up. This is the process which leads to the bringing of a company's affairs to an end. The assets are realised and distributed to creditors.

Insolvency

The process by which a company's assets are realised for the benefit of its creditors.
A liquidation may be compulsory, in which case it is initiated by an order of the court, or it may be voluntary, in which case it is instigated by the company itself. There are several powers which are only available in a compulsory winding up.

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