To Liquidate - Law Dictionary Search Results
Home Dictionary Name: to liquidate Page: 3liquidated claim
liquidated claim A creditor's claim for a fixed amount of money. Source: Administrative Office of the U.S. Courts ...
liquid asset
liquid asset a cash asset or an asset that is easily converted into cash. Source: U.S. Department of Housing and Urban Development ...
liquid
liquid 1 a : consisting of cash or capable of ready conversion into cash [ assets] b : capable of covering current liabilities out of current assets esp. in a rapid manner [a insurer] 2 : of or relating to a security or commodity with enough shares or units outstanding to hinder significant price variation from large transactions ...
Liquid air
A transparent limpid liquid slightly blue in color consisting of a mixture of liquefied oxygen and nitrogen It is prepared by subjecting air to great pressure and then cooling it by its own expansion to a temperature below the boiling point of its constituents N 194deg C O 183deg C...
Petroleum
Petroleum, includes any mineral oil or relative hydrocarbon and natural gas existing in its natural condition in strata, but does not include coal or bituminous shales or other shales or other stratified deposits from which oil can be extracted by destructive distillation. [Petroleum (Production) Act, 1934 (UK)]Includes any mineral oil or relative hydrocarbon and natural gas existing in its natural condition in strata, whether or not it has undergone any processing; but does not include coal or bituminous shales or other stratified deposits from which oil can be extracted by destructive distillation. [Pipelines Act, 1962 (UK)]Petroleum, is an oily, inflammable liquid made up mostly of hydrocarbons compounds containing only hydrogen and carbon, the New Bank of Popular Science, Vol. 2; Special Reference No. 1 of 2001, In Re (2004) 4 SCC 489.Means liquid and gaseous hydrocarbons are so intimately associated in nature that it has become customary to shorten the expression 'petroleum and na...
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
Siphon
A device consisting of a pipe or tube bent so as to form two branches or legs of unequal length by which a liquid can be transferred to a lower level as from one vessel to another over an intermediate elevation by the action of the pressure of the atmosphere in forcing the liquid up the shorter branch of the pipe immersed in it while the continued excess of weight of the liquid in the longer branch when once filled causes a continuous flow The flow takes place only when the discharging extremity of the pipe ia lower than the higher liquid surface and when no part of the pipe is higher above the surface than the same liquid will rise by atmospheric pressure that is about 33 feet for water and 30 inches for mercury near the sea level...
centrifuge
an apparatus having containers for liquids arrayed around a central pivot and rotated at a high speed thus generating centrifugal force on the liquid and separating substances such as particles of solid or globules of an immiscible liquid mixed together in suspension within the liquid Suspensions which would settle only very slowly or not at all under gravity can be made to separate quickly in such a device...
Penalty
Penalty, is a liability under the taxing statute, Khemka & Co. v. State of Maharashtra, AIR 1975 SC 1549.Penalty, is legal or official punishment such as a term of imprisonment, N.K. Jain v. C.K. Shah, AIR 1991 SC 1289. [Employees' Provident Fund Act, 1952, s. 14]Means recovery of an amount as a penal measure in civil proceedings, or an exaction which is not compensatory in character, Jagjit Cotton Textile Mills v. Chief Commercial Superintendent, N.R., (1998) 5 SCC 126.1. A sum agreed to be paid on non-performance of the condition of a bond. See BOND.2. A sum agreed to be paid on breach of an agreement or any stipulation of it. See LIQUIDATED DAMAGES, and NOMINE PEN'. The fact that the parties state expressly in their contract that the sum named is 'liquidated damages' will not prevent the Court from deciding that it is a penalty. 'The cases upon the subject of penalty or liquidated damages are very numerous. The result of them seems to be this, that what the Courts look at is the rea...
Liquor
Liquor, The word 'liquor' as understood in India at the time of the Government of India Act, 1935, covered not only those alcoholic liquids which are generally used for beverage purposes and produce intoxication, but also all liquids containing alcohol, the definition of liquor contained in section 2(24) of the Bombay Prohibition Act, 1949 is not therefore ultra vires. State of Bombay v F.N. Balsara, AIR 1951 SC 318: (1951) SCR 682. (Constitution of India, Sch. VII, List II, Entry 8)Liquor includes spirits of wine, methylated spirits, spirits, wine, toddy, beer, and all liquid consisting of or containing alcohol, Southern Pharmaceuticals and Chemicals v. State of Kerala, AIR 1981 SC 1863: (1981) 4 SCC 391: (1982) 1 SCR 519....
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