termination of business operations or winding up of affairs

assets converted to cash, liab settled, distribution to owners insolvent corporation applies petition to court to be
process voluntary
of remaining discharged from liabilities

not PFRS because no longer going concern three or more creditors of corporation file petition for
involuntary
adjudication as insolvent

estimated selling price less costs of disposal uses realizable value (assets) measurement basis

Corporate Liquidation and total inability to pay off debts due to lack of assets
expected net settlement amount (liab) Corporate Liquidation Insolvency Act of the Philippines
Reorganization
insolvency liquidation
Statement of Affairs possible recourse
insolvency vs illiquidity
reorganization
Statement of Realization and Liquidation

Financial Reports inability to pay off debts due to shortage of cash or other
note disclosure illiquidity
liquid assets
Additional reports
summary of cash receipt and disbursement etc.