Dictionary Meaning and Definition on 'Liquidated'
- Liquidate \Liq"ui*date\ (l[i^]k"w[i^]*d[=a]t), v. t. [imp. & p.
p. Liquidated (-d[=a]`t[e^]d); p. pr. & vb. n.
Liquidating.] [LL. liquidatus, p. p. of liquidare to
liquidate, fr. L. liquidus liquid, clear. See Liquid.]
- (Law) To determine by agreement or by litigation the precise amount of (indebtedness); or, where there is an indebtedness to more than one person, to determine the precise amount of (each indebtedness); to make the amount of (an indebtedness) clear and certain. A debt or demand is liquidated whenever the amount due is agreed on by the parties, or fixed by the operation of law. --15 Ga. Rep. 321. If our epistolary accounts were fairly liquidated, I believe you would be brought in considerable debtor. --Chesterfield.
- In an extended sense: To ascertain the amount, or the several amounts, of, and apply assets toward the discharge of (an indebtedness). --Abbott.
- To discharge; to pay off, as an indebtedness. Friburg was ceded to Zurich by Sigismund to liquidate a debt of a thousand florins. --W. Coxe.
- To make clear and intelligible. Time only can liquidate the meaning of all parts of a compound system. --A. Hamilton.
- To make liquid. [Obs.] Liquidated damages (Law), damages the amount of which is fixed or ascertained. --Abbott.
Wikipedia Meaning and Definition on 'Liquidated'
In law, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation) or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors, see below).[See more about Liquidated at Dictionary 3.0 Encyclopedia]
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