Category:Liquidation

Liq`ui*da"tion, n. Etym: [Cf. F. liquidation.]

Defn: The act or process of liquidating; the state of being liquidated. To go into liquidation (Law), to turn over to a trustee one's assets and accounts, in order that the several amounts of one's indebtedness be authoritatively ascertained, and that the assets may be applied toward their discharge.