The Collaborative International Dictionary of English v.0.48:

Liquidation \Liq`ui*da"tion\ (l[i^]k`w[i^]*d[=a]"sh[u^]n), n.
   [Cf. F. liquidation.]
   The act or process of liquidating; the state of being
   liquidated.
   [1913 Webster]

   To go into liquidation (Law), to turn over to a trustee
      one's assets and accounts, in order that the several
      amounts of one's indebtedness may be authoritatively
      ascertained, and that the assets may be applied toward
      their discharge.
      [1913 Webster]

WordNet (r) 3.0 (2006):

liquidation
    n 1: termination of a business operation by using its assets to
         discharge its liabilities [syn: liquidation,
         settlement]
    2: the act of exterminating [syn: extermination,
       liquidation]
    3: the murder of a competitor [syn: elimination,
       liquidation]

Moby Thesaurus II by Grady Ward, 1.0:

141 Moby Thesaurus words for "liquidation":
   abolishment, abolition, acquitment, acquittal, acquittance,
   agiotage, amortization, amortizement, annihilation, annulment,
   arbitrage, assassination, binder, bloody murder, bumping-off,
   buying in, cash, cash payment, cashiering, choking, choking off,
   clearance, debt service, deconsecration, defrayal, defrayment,
   defrocking, deportation, deposal, deposit, deposition, deprivation,
   deracination, detachment, dethronement, disbarment, disbarring,
   disbursal, discard, discharge, discrownment, disenthronement,
   disjunction, dismissal, displacement, disposal, disposition,
   doling out, down payment, earnest, earnest money, ejection,
   elimination, equity capital, eradication, excommunication, exile,
   expatriation, expulsion, extermination, extinction, extinguishment,
   extirpation, firing, flier, flutter, forced resignation, foul play,
   hire purchase, hire purchase plan, homicide, impeachment,
   installment, installment plan, interest payment, kicking upstairs,
   manslaughter, monthly payments, murder, negation, never-never,
   nullification, ostracism, ousting, outlawing, outlawry, overthrow,
   overthrowal, paying, paying off, paying out, paying up, payment,
   payment in kind, payoff, pensioning off, plunge, prepayment,
   profit taking, purge, purging, quarterly payments, quittance,
   regular payments, remittance, removal, retirement, riddance,
   rooting out, round trade, satisfaction, scalping, settlement,
   severance, silencing, sinking-fund payment, snuffing out,
   speculation, spot cash, spot sale, stifling, stockjobbery,
   stockjobbing, strangulation, suffocation, superannuation,
   suppression, suspension, thuggee, thuggery, thuggism, turn,
   unchurching, unfrocking, unseating, uprooting, venture,
   venture capital, voiding, weekly payments, withdrawal