What is Liquidation in Bankruptcy Explanation, Definition and Meaning

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Discharge of a debt or the determination by agreement or litigation of the amount of a previously unliquidated claim. One important legal meaning is the distribution of the assets of an enterprise among its creditors and proprietors. At the dissolution of a solvent corporation or unincorporated association, the assets are usually liquidated (turned into money)…

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What is Receivership in Liquidation Explanation,Definition and Meaning

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In law, the judicial appointment of a person, a receiver, to collect and conserve certain assets and to make distributions in accordance with judicial authorization. A receivership is properly an intermediate or incidental step toward some other principal objective and not generally the object of litigation. The principal objective may be the preservation of the…

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