Used when a company cannot meet financial obligations and must sell assets. After the lawsuit, they had to liquidate to survive.
Pro Tip 2/3
Not Just Closure
'Liquidate' often implies selling assets before closing a company, but can also occur while still operating. The business chose to liquidate surplus inventory while continuing sales.
Pro Tip 3/3
Legal Implication
The process may be overseen by courts or legal professionals to ensure fairness. The court appointed a manager to liquidate the company's assets.