the act or process of ending the existence of a company, the settling of financial affairs of a business or individual, usually by liquidating (turning to cash) all assets for distribution to creditors, heirs, etc. It is to be distinguished from dissolution, äriühingute tegevuse lõpetamine seaduses ettenähtud korras, juriidilise isiku likvideerimine - menetlus juriidilise isiku lõpetamisel