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.
内整理の手続きには株主総会の決議が必要だ。
A shareholders' meeting resolution is required for the voluntary liquidation procedure.
破産 is bankruptcy, a court-supervised process for insolvent entities, whereas 内整理 is a voluntary process that may be used even when the company is solvent.
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.