is
selling of assets
gradually in pieces and
paying off liabilities in
pieces
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Answer:
An asset sale is when a bank sells its receivables to another party. ... The buyer assumes no liabilities in an asset sale. ... as such if the seller gives the buyer control of the property after payment is made.
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It is the piecemeal distribution of cash
- Piecemeal refers to something that is completed one step at a time.
- In the case of accounting, the distribution refers to a way of paying liabilities in stages or gradually when money is received from asset sales.
- If all of the assets are realised immediately upon the firm's dissolution, most of the obligations may be then paid off as well.
- In such a case, the partners will also get their capital account balances at that time.
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