The act or process of settling or making clear, fixed, and determinate that which before was uncertain or unascertained. As applied to a company, (or sometimes to the affairs of an individual,) liquidation is used in a broad sense as equivalent to "winding up;" that is, the comprehensive process of settling accounts, ascertaining and adjusting debts, collecting assets, and … [Read more...]
LITEM DENUNCIARE
Lat. In the civil law. To cast the burden of a suit upon another; particularly used with reference to a purchaser of property who, being sued in respect to it by a third person, gives notice to his vendor and demands his aid in its defense. See Mackeld. Rom. Law, 8 403. … [Read more...]
LIQUIDATOR
A person appointed to carry out the winding up of a company. Official liquidator. In English law. A person appointed by the judge in chancery, in whose court a joint stock company is being wound up, to bring and defend suits and actions in the name of the company, and generally to do all things necessary for winding up the affairs of the company, and distributing its assets. 3 … [Read more...]
LITEM SUAM FACERE
Lat. To make a suit his own. Where a judex, from partiality or enmity, evidently favored either of the parties, he was said litem suam facere. Calvin. … [Read more...]
LIQUIDITY
The amount of cash available to a person or entity. … [Read more...]