Liq′ui‐da″tion (lĭk′wĭ‐dā″shŭn), n. [Cf. F. liquidation.] The act or process of liquidating; the state of being liquidated.
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.