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Involuntary Cessatio

Terms to know for involuntary cessation

TermDefinition
CESSATION A ceasing or ending. Business Cessation means the business stops or ceases operations.
Voluntary Done or undertaken by one's own free will. Voluntary cessation means the business owners choose to stop operating.
Involuntary An act done against one's will. Involuntary cessation means the owners are forced to stop operating.
Financial hardship Difficulties in maintaining income usually with rising debt. Mosts business experience involuntary cessation due to financial hardship.
Liquidation The processing of paying as much debt as possible by selling of assets. Involuntary cessation means creditors (groups or individuals the business owes money to) will force them to sell of assets to pay their debt.
Receivership When a business undergoes liquidation receivers are appointed by law to manage the money that is made from the sale of assets to pay of debt.
Bankruptcy When a business is declared by a court to be financially ruined, ie. they must undergo the liquidation process, receivers are appointed to manage any funds made from the sale of assets to pay their creditors.
Insolvency The condition of being bankrupt.
Created by: jfay2013