After having observed some bizare error output during shutdown I opted for the following rc.shutdown script in slitaz-boot-scripts package
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#!/bin/sh
#
# /etc/init.d/rc.shutdown : Executed on system shutdown or reboot
#
. /etc/init.d/rc.functions
. /etc/rcS.conf
log=/var/log/shutdown.log
# Clear and quiet shutdown
clear && echo "System is going down for reboot or halt."
uptime
# Store last alsa settings.
echo "Store last alsa settings..."
if [ -x /usr/sbin/alsactl ]; then
alsactl store
fi
# Stop all daemons started at boot time.
echo "Stop all daemons started at boot time..."
for daemon in $RUN_DAEMONS
do
if [ -x /etc/init.d/$daemon ]; then
/etc/init.d/$daemon stop
fi
done
if [ "$SCREEN" != "text" ] && [ "$LOGIN_MANAGER" ]; then
echo -n "Stopping dbus daemon..."
/etc/init.d/dbus stop
echo -n "Stopping login manager daemon..."
/etc/init.d/$LOGIN_MANAGER stop
fi
if [ "$UDEV" == "yes" ]; then
echo "Stopping udev daemon..."
udevadm control --exit
echo "Udevadm waiting for the event queue to finish..."
udevadm settle --timeout=120
fi
# Stop networking
echo -n "Stopping the network interfaces..."
/etc/init.d/network.sh stop
# Sync all filesystems.
echo "Sync all filesystems..."
sync
# Swap off.
echo "Swap off..."
/sbin/swapoff -a
# Kill all processes.
echo "Kill all processes..."
killall5
# Umount filesystems.
echo "Unmount filesystems..."
/bin/umount -a -r