Creditors' Voluntary Liquidation
/ˈkrɛdɪtərz ˈvɒlənˌtɛri lɪkwɪˈdeɪʃən/
Definitions
- (n.) A type of insolvency procedure where a company voluntarily chooses to liquidate its assets to pay creditors, without court intervention.
The company entered creditors' voluntary liquidation after failing to meet its financial obligations.
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Commentary
Used specifically to indicate a solvent or insolvent company's decision to liquidate with creditors' agreement, emphasizing voluntary initiation without court compulsion.
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