liquidation committee

A liquidation committee is a group appointed to oversee the process of winding down a company's operations when it faces financial failure. Their primary responsibility is to ensure that the company's remaining assets are fairly valued and distributed to creditors and stakeholders according to legal priorities. The committee makes decisions on selling assets, settling debts, and managing the liquidation process efficiently and transparently. Essentially, they act as stewards to maximize the value recovered for all parties involved during the company's closure.