The process of winding up the affairs of a company or business by determining (or fixing) the liabilities and applying all assets as far as possible in the discharge of these liabilities. Simply, it's the company termination or liquidation procedure - and there isn't usually a surplus! Called Chapter 7 in the USA
Worse than 'insolvency', 'administration' and 'receivership'. The process of winding up the affairs of a company or business by determining (or fixing) the liabilities and applying all assets as far as possible in the discharge of these liabilities. Simply, it's the company termination or liquidation procedure - and there isn't usually a surplus!
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