liq·ui·date /'li-kwə-ˌdāt/ vb -dat·ed, -dat·ing
vt
1: to determine by agreement or litigation the precise amount of; also: to settle (a debt) by payment or other adjustment
2 a: to determine the liabilities and apportion the assets of esp. in bankruptcy or dissolution
liquidate a corporation compare bankruptcy
b: to convert (as assets) into cash
liquidate an estate
vi: to liquidate something (as a corporation)
liq·ui·da·tion /ˌli-kwə-'dā-shən/ n
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.