The liquidation process of a company is a complex and often emotional event that occurs when a company can no longer pay its debts or decides to close its business.
The process involves appointing a liquidator, who takes control of the company’s assets, identifies and values the assets, sells the assets to pay off creditors, distributes the proceeds to creditors (with secured creditors having priority), distributes remaining funds to shareholders, and prepares a final report detailing the liquidation process.
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