/lɪkwɪˈdeɪʃən prəˈsidɪŋz/ – Phrase
Definition: thủ tục giải thể (công ty).
A more thorough explanation: Liquidation proceedings refer to the legal process through which a company or business entity is wound up and its assets are distributed to creditors in order to settle outstanding debts. This process typically involves the sale of the company’s assets and the payment of creditors in a specific order of priority as determined by applicable laws. Liquidation proceedings may be initiated voluntarily by the company itself or involuntarily through a court order in cases of insolvency or bankruptcy.
Example: The company’s assets were sold off to pay its creditors during the liquidation proceedings.