Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

liquidation

Read a random definition: toto genere

A quick definition of liquidation:

Term: Liquidation

Definition: Liquidation is the process of figuring out how much money a business owes to others and how much money it has to pay them back. This happens when a business is closing down. It's like when you clean your room and count how much money you have in your piggy bank. Sometimes, people also use liquidation to figure out how much money someone owes them or how much they have to pay someone else. This can be done by talking and agreeing on a number, or by going to court to decide.

A more thorough explanation:

Definition: Liquidation is the process of calculating the debts and distributing the assets of a business that is being closed down. It can also refer to determining the cash value of a debt or damage in a legal conflict.

Example 1: When a company goes bankrupt, it may need to go through liquidation. This means that the company's assets, such as property and equipment, are sold off to pay its debts to creditors.

Example 2: In a legal dispute, the parties involved may agree to liquidate the damages or debts involved. This means that they come to an agreement on a specific dollar amount that will be paid to settle the dispute.

Both examples illustrate the process of liquidation, which involves calculating the value of assets or debts and distributing them accordingly. In the case of a bankrupt company, liquidation is necessary to pay off creditors and close down the business. In a legal dispute, liquidation can help the parties involved come to a resolution and avoid further conflict.

liquidating partner | lis pendens

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
haha suckers!!!!!!!!!!!!!!!!!
20:38
prolly have a lil family and hobbies what loosers
hahah losers like what? you travel? have a life? not me, i'm reading every line of a contract while my seniors go play golf and enjoy like hahaha suckers
20:40
yea inverse perspective, what is fun is not fun and what is not fun is fun
20:40
you get it.
i wanna be able to travel a ton too
my ex just posted a harry potter related joke i think i dodged a bullet
20:41
Im only going to law school to recruit members for the revolution
20:41
nice where u wanna go? yea bullet dodged fr
can we join even if we're not at ur school
20:44
yeah but youd be in a different chapter
20:44
are we revolting against people who do not use their signal whilst driving?
20:44
We’re revolting against the man, man
20:45
Power does not flow from the sleeve of a judges robe to paraphrase
fuck yeah i'm down
MrThickRopes
20:46
uhhh
MrThickRopes
20:46
Yeeeeaahh
MrThickRopes
20:46
PUT DA BEAT ON BRUH
20:48
Aight yall can join but I call dibs on being assassinated
MrThickRopes
20:49
Unc unc unc unc unc
MrThickRopes
20:49
Up in da club
MrThickRopes
20:49
Up in da club uns uns uns uns uns uns
the unction
20:55
just got a DUI while drinkin an NA beer in my car
20:55
someone help is some1 a hoya lowya here?!
MrThickRopes
21:03
Yoooo wtf
21:03
jk ropes but I do got ops fr
MrThickRopes
21:12
Me too bruh they praying on my downfall fr
21:19
bruh i got ppl tryna make my head a brain smoothie
21:19
serve me with some margarita mix and agave sweetener and summ
LSD+ is ad-free, with DMs, discounts, case briefs & more.