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In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.
The company’s operations are brought to an end, and its assets are divvied up among creditors and shareholders, according to the priority of their claims. Not all bankruptcies involve liquidation; Chapter 11, for example, involves rehabilitating the bankrupt entity and restructuring its debts.
The undistributed earnings give rise to a deferred tax liability ("DTL") payable when the earnings are ultimately distributed, or the investment is liquidated.
Recall that taxes on dividend income may be offset by the Dividends Received Deduction ("DRD").
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An asset that is not performing well in the markets may also be partially or fully liquidated to minimize or avoid losses.
The cash proceeds would then be used to make a down payment for a home.
An individual may also decide to liquidate assets, such as house and land for cash.
The cash could then be used to boost his or retirement nest egg or pay off creditors.
Assets are distributed based on the priority of various parties’ claims, with a trustee appointed by the Department of Justice overseeing the process.
The most senior claims belong to secured creditors, who have collateral on loans to the business.