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A procedure by which the business activities of a company are brought to an end and the company is dissolved. It may be instigated by the creditors or the shareholders of the company itself (voluntary liquidation) or by order of the court (compulsory liquidation). The process involves the appointment of a liquidator to assume control of the company from its directors. The main purpose of the liquidation is to collect and realise the assets of the company, and to distribute the proceeds to creditors and (if any surplus remains) to shareholders. |
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