The number of companies under liquidation rose to 15 in the first four months of the current financial year, up from nine the previous year, resulting in more job losses in period when employers across many sectors shed staff to try and stay afloat in a tough economic environment.
Liquidation is the process of winding down a company, selling off its assets, and settling its creditors and shareholders before ceasing operations. Companies liquidate when they cannot meet their obligations as they come due, leading to bankruptcy.
