To go into liquidation

(Law) to turn over to a trustee one's assets and accounts, in order that the several amounts of one's indebtedness may be authoritatively ascertained, and that the assets may be applied toward their discharge.

See also: Liquidation

Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.
Mentioned in ?
References in periodicals archive ?
THE high-end restaurant Pier 64 in Penarth has closed as the company prepares to go into liquidation.
A letter is understood to have been sent out to Pier 64 staff informing them the company is to go into liquidation.
The first was to go into liquidation with the surplus funds being returned to members.
Alabama, US-based Access Insurance is to go into liquidation.
Thai firm SSI, owner of the Redcar plant on Teesside, applied at the High Court in Manchester to go into liquidation, days after it announced it was mothballing the site.
"It would have been far better to go into liquidation "Again rather than be indebted to Ashley.
If it went on much longer I would have had to go into liquidation.
It is understood that an employment agency involved in hiring the men is to go into liquidation and another contractor will take over the workers' employment.
US Airways said it has no plans to go into liquidation and that it is looking to restructure itself as a low cost, low fare airline, reports Reuters.
The charity is now thousands of pounds in debt and has had to go into liquidation. Dave Pye, one of the organisers, said: ``Wirral council's decision has pushed us into liquidation.
One possibility is for the EHA to go into liquidation, but then all clubs throughout England would be liable for debts.
A notice was attached outside the premises by North Tyneside Council alerting people the venue was set to go into liquidation.