In 2012, Hostess Brands announced it would go out of business and liquidates its assets. (sources : ‘Cost accounting’ by Horngren)

Liquidate

1. to settle a debt by paying the outstanding⃰⃰⃰⃰⃰ amount.

 to pay off⃰ debt

liquidate liabilities

2. to sell ( a business, property, etc.) 

liquidate a company

You liquidate a portfolio and pay back the bonds

2. to convert assets into cash

The company was dissolved and all assets liquidated.

3. to do away with, to destroy , to kill

liquidate the past history 과거를 청산하다.

The mafia liquidated the informer.

*Outstanding

not yet paid

outstanding debt 미불 채무

*Pay off

1.result in profit 성과를 내다

We believe our efforts will pay off. 성과를 내다

2.pay a debt

I finally paid off the loan.

The volume of “canned commercial real estate,” which is not enough to pay off debts even after being auctioned off, is on the rise.

깡통상가가 늘고 있다. 이 상가를 경매로 처분해도 빚을 다 갚지 못한다.

<Synonyms>

expunge

to erase, eliminate, annihilate

expunge a name from a list

extirpate

to remove, do away with

extirpate evil practice

The species was extirpated from main islands.

wipe out

to destroy completely

We are trying to wipe out this virus completely.