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The four-step process for presidential appointee selections is: 1) the White House selects a nominee, 2) the White House puts the nominee through a clearing process, 3) the president submits the name of the nominee to the Senate clerk, and 4) the Senate confirmation committee reviews the appointment.
Voluntary
An action undertaken by one's own free will without external coercion or undue influence.
Liquidation
The process of converting a company's assets into cash to pay off creditors before dissolving the company.
Involuntary
Occurring without a person's consent or control, often referring to actions or processes not chosen or intended.
Bankruptcy Estate
The assets that are collected from a debtor who files for bankruptcy.
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