Voluntary Liquidation

Sometimes in life, you just have to call it over. Hobbies. Friendships. Romances. Trips to the buffet. It was a good run, but you've reached a point where you have to lay aside the thing you once found profitable.

That situation describes a voluntary liquidation...only here, it's a corporate entity getting...ended.

Basically, it describes a situation where the shareholders of the firm decide it’s time to shut down the operation and split up the loot. The firm is dissolved, all the assets are sold or distributed, and shareholders split their share of the cash.