Money
Liquidation
Closing a company down, selling its assets, paying creditors as far as possible and removing it from the register. Also called winding up.
A plain-English explanation of how this usually works, not legal advice. Rules differ between countries and change over time, so check your own situation. Disclaimer.
You'll hear it as
The company's in liquidation, so the contract's dead.
Also called Winding up.
Videos.
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