Liquidation usually refers to the termination of a company or investment fund and the conversion of its assets into cash for distribution. Liquidation may occur in bankruptcy, business failure, merger and acquisition, etc. During the liquidation, the company will stop its operations, liquidate and distribute its assets to repay debts or return funds to investors.

Sold out means that in the retail or sales field, all the goods are sold out, and there is no surplus inventory to sell. When all the goods in a shop or online shop are bought by customers, it can be said that the goods have been sold out. Selling out can be due to the shortage of supply, promotional activities, hot sales of products and other reasons.

Therefore, liquidation and selling out are two different concepts. Liquidation involves the termination of the company's operations and the disposal of assets, while selling involves the completion of commodity sales.