I find it interesting that while there is no shortage of oversight scrutiny on management’s activities, the same cannot be said of the board’s activities. Boards need to lead by example and demonstrate that they are holding themselves accountable, just like any other part of the organization.

Liquidation is the process by which an entity converts its assets to cash or other assets and settles its obligations with creditors in anticipation of ceasing all operating activities. It may occur voluntarily (e.g., based on economic conditions), upon a specified event (as for a limited-life entity), or involuntarily [e.g., by an entity’s creditors, a court (as in bankruptcy), or other parties].

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