| 单词 | liquidation |
| 释义 | liquidation liquidation the procedure under which a COMPANY is dissolved (or wound up). Liquidation may be voluntary (where the company is sol- vent but where the purposes for which it was set up have been achieved or no longer exist) or compulsory (usually where the com- pany is insolvent). The function of a LIQUIDATOR is to convert the assets of the company into cash, which is then distributed among the creditors to pay off (so far as possible) the debts of the company. Any surplus is then distributed among the members. See generally the Insolvency Act 1986. |
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