> ## Documentation Index
> Fetch the complete documentation index at: https://docs.solana.vanna.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Liquidation

> Permissionless, partial, bonus-paid close of HF ≤ 1.10 accounts.

`public_liquidate(max_repay_assets, min_collateral_out)`:

1. Accrue the reserve.
2. Rebuild every collateral, debt, and Lite position.
3. Require HF ≤ 1.10.
4. Repay up to 50% of the chosen debt (`CLOSE_FACTOR_BPS`).
5. Seize collateral USD equal to repaid USD × (1 + bonus bps).
6. Transfer seized tokens to the liquidator.

`min_collateral_out` is the liquidator's slippage bound.

The 50% close factor is a compiled constant, not a governed field. Treat it as the current V1 value, not an immutable economic law.

A healthy account cannot be liquidated. Tests cover that path.