Liquidation means that you don’t have enough funds. It doesn’t mean that there are no more funds. After liquidation, you still have funds. For example, if 50% of the position is liquidated, about half of the funds will be left in the end

Liquidation is the same thing as liquidation

Liquidation means that your account loses one penny. It’s all gone, and you still owe money to the futures company. This kind of thing theoretically exists. It should not have happened in the past few years. This kind of situation will not happen to ordinary customers. What may happen is that only very large customers (because only futures companies with special customers will keep their positions) may encounter them in extreme circumstances.