The present downturn in the economy has made big and small businesses experience financial difficulties. Insurmountable difficulties that are mainly due to enormous debts have caused many businesses to close shop. Understanding the causes of business failures can save the company from possible liquidation. Business liquidation is often referred to as winding up or dissolution. It is the sad end of a company.
For a small business, liquidation is as simple as closing the business or store, selling the stocks or the assets, paying outstanding debts then go home with whatever cash is left after the bills are paid. However, closing or winding up a company is a more complex process- one that will take months to finish. A companys liquidation sales can last for several months.
Liquidation is one of the choices that a company experiencing financial troubles may take. The idea of company liquidation is to convert the assets into cash and then use the cash to pay the bills or to use the cash to pay the creditors or to take home the cash after a failed business venture.
The liquidation process is begun by ceasing all operations, that is trading, manufacturing and all...
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