Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation) or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors, see below).
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This is used, for instance, when a retail establishment wants to close stores.
They will sell to a company that specializes in store liquidation instead of attempting to run a store closure sale themselves.
Liquidating a limited liability company involves more than simply making a decision to cease business operations by closing the doors.