Liquidation

1.  The act of calculating liabilities and distributing assets, especially of a business that is being wound up.

2.  The act of determining the cash value of some debt or damage.  The parties involved essentially reduce their legal conflict or outstanding debts to a dollar amount.  Debts and damages can be liquidated in various ways: by an agreement before any dispute arises, by an agreement after a dispute arises, or by litigation.

 

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