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and its debtor affiliates (“Plan”) became effective and their assets were transferred to the HERO Liquidating Trust.

In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.

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These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.

In such cases, investors in preferred stock have priority over holders of common stock.

Liquidation can also refer to the process of selling off inventory, usually at steep discounts.

The debts still exist in theory, at least until the statute of limitations has expired, but there is no debtor to pay them, so they must be written off in practice.

Assets are distributed based on the priority of various parties’ claims, with a trustee appointed by the Department of Justice overseeing the process.

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