voluntary liquidation; winding-up
Legal term for a company voluntarily dissolving and settling its affairs, as opposed to court-ordered liquidation.
The company chose voluntary liquidation and dissolved itself voluntarily.
A shareholders' meeting resolution is required for the voluntary liquidation procedure.
Compound of 内 (internal, private) and 整理 (arrangement, settlement), literally 'internal settlement'. The term is used in corporate law to describe a voluntary winding-up process initiated by the company itself.