Liquidation

A sale of a debtor's property with the proceeds to be used for the benefit of creditors.

Liquidated claim – A creditor's claim for a fixed amount of money.

Additional Sources

Answers.com

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.

Duhaime Legal Dictionary

The selling of assets and the use of the cash proceeds to pay off creditors or to distribute to other entitled persons such as beneficiaries to an estate.

The Free (Legal) Dictionary

The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.

A type of proceeding pursuant to federal Bankruptcy law by which certain property of a debtor is taken into custody by a trustee to be sold, the proceeds to be distributed to the debtor's creditors in satisfaction of their claims.

The settlement of the financial affairs of a business or individual through the sale of all assets and the distribution of the proceeds to creditors, heirs, or other parties with a legal claim.

Wikipedia

In law, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed. Liquidation can also be referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.