Liquidation Articles  #Liquidation process

When a person or business entity's liabilities outweigh their assets, they are commonly described as being insolvent. However, legally, the test for insolvency is whether the debtor can pay its debts when they become due and payable. In the case of a company or close corporation, if there is no reasonable prospect of trading out of such circumstances, there may be a legal obligation to liquidate the business.

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