What is the difference between liquidation and deregistration process of a close corporation?

Liquidation implies that the business of an entity will cease and that its restoration will only be for the purposes of recovering some outstanding debts and that will not mean an entity can go on with business. Deregistration means that even if the entity has no legal status anymore it can go on with business operations. In both processes members remain severally and jointly liable for any irregularities that may have occurred when they were still acting as such.