A process by which shareholders select a liquidator and come up with a resolution to do this without the help of a court. Once all assets are liquidated, a qualified liquidator must review and approve the assets. An assessment is also completed to determine whether or not a business’ debts were greater than the assets.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser