Crossword Genius

Put into liquidation? (8)

Ross

I believe the answer is:

immersed

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If this is the answer, I'm afraid I cannot explain it.

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(Other definitions for immersed that I've seen before include "Plunged into liquid" , "Simmered while covered with water" , "Simmered, being completely engrossed" , "Plunged into water" , "Steeped (in)" .)

I've seen this clue in The Telegraph and The Globe and Mail.
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