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Home » Law Dictionary » L » LIQUIDATING PARTNER

LIQUIDATING PARTNER

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership. The partner who upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts.

Related Legal Terms & Definitions
  • PARTNER contracts. A person or persons who have united together and formed a partnership. A person…
  • WINDING UP The process of dissolving a corporation or partnership by paying off its debts, settling accounts…
  • FIRM (A) A partnership; the group of persons constituting a partnership. The name or title under…
  • INDIVIDUAL As a noun, this term denotes a single person as distinguished from a group or…
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Filed Under: L

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