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The liquidation of a partnership starts with a review of the company's assets, including property and cash, and its debts.

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The most senior claims belong to secured creditors, who have collateral on loans to the business.Prior to initiating recovery procedures, Lenders are strongly encouraged to prepare a comprehensive liquidation plan based on the facts known and reasonable assumptions.As a guide, you may refer to and use SBA form 1979 for assistance in preparing a plan.Liquidation is the process of bringing a business to an end and distributing its assets to claimants.Once the process is complete, the business is dissolved.Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. A partnership starts with an agreement between two or more people who want to go into business together.A liquidation marks the official ending of a partnership agreement.To end the partnership, the parties involved sell the property the business owns, and each partner receives a share of the remaining money.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.

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