Liq`ui*da"tion (?), n. [Cf. F. liquidation.]
The act or process of liquidating; the state of being liquidated.
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 be authoritatively ascertained, and that the assets may be applied toward their discharge.
© Webster 1913.