LSDefine

Simple English definitions for legal terms

liquidating partner

Read a random definition: counsellor

A quick definition of liquidating partner:

A liquidating partner is someone who is responsible for managing the finances of a company that is closing down or cannot pay its debts. They sell the company's assets, pay off any debts, and distribute any remaining money to the partners. It's like cleaning up a mess when something goes wrong.

A more thorough explanation:

Liquidating partner

A liquidating partner is a person who is appointed to manage the finances of a dissolving or insolvent firm. This partner is responsible for selling and distributing assets, settling debts, collecting assets, adjusting claims, and paying debts on behalf of the partnership.

When a partnership is dissolved or becomes insolvent, a liquidating partner is appointed to handle the financial affairs of the partnership. For example, if a law firm is dissolving, a liquidating partner may be appointed to sell the firm's assets, pay off its debts, and distribute any remaining funds to the partners.

Another example is when a real estate partnership becomes insolvent. The liquidating partner would be responsible for selling any properties owned by the partnership, paying off any outstanding debts, and distributing any remaining funds to the partners.

The examples illustrate how a liquidating partner is responsible for managing the finances of a dissolving or insolvent partnership. They must sell any assets owned by the partnership, pay off any debts, and distribute any remaining funds to the partners. This ensures that all parties involved are treated fairly and that the partnership's financial affairs are handled properly.

liquidated damages | liquidation

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

myproudestnut

11:17

and reminder that checking for changes DAILY is not helpful, worthwhile, or good for your mental health.

soap

11:17

GULC today, may happen

[] VolatileClumsyAcolyte

11:18

no hopes for GULC as I said, shit ton of people already got II from around the same date when my app went complete : (

jackfrost11770

11:18

i'm praying for gulc movement today but they're still at the very bottom of my application tracker so 😭

soap

11:19

When did you interview again, Jack?

jackfrost11770

11:19

end of september 💔

jackfrost11770

11:19

this is insane man

myproudestnut

11:19

@VolatileClumsyAcolyte: probably reached out to their S tier applicants first, you will need a bit of luck anyway so it is normal they didnt immedietly get back to you because that immediate response couldve been an R!!

[] VolatileClumsyAcolyte

11:20

@myproudestnut: that gives me so much hope actually. I feel like if they werent interested in my application they wouldve rejected me by now. maybe theyll put me on waitlist or something too, ugh. sucks to be below both medians because you never really know if u got in until like march lol

[] VolatileClumsyAcolyte

11:21

im ED at CLS with 163 and 3.6, if i get in ill lose my shit

myproudestnut

11:21

yep the below both medians life does not include timely responses and instant gratification unfortunately. Be grateful for no news because it could have been immediate bad news

jackfrost11770

11:22

someone did tell me that after group II they had radio silence for over three months and then got in LOL so i know it doesn't mean much but im still so annoyed 😭 ppl who interviewed later than me have already gotten decisions

myproudestnut

11:22

u never know!

myproudestnut

11:22

who knows jack they could have been perfect stat applicants whos uncle is a congressman

myproudestnut

11:22

or a big 4 accounting exectuvie

myproudestnut

11:22

a million possibilities

jackfrost11770

11:22

nah ppl w stats lower than mine have gotten in it's so annoying

[] VolatileClumsyAcolyte

11:23

really high hopes for washU, had a preapp interview and applied on the same day... the status box disappeared the day after

myproudestnut

11:23

yea but they could have 15 years of WE u dont have

[] VolatileClumsyAcolyte

11:23

which brings me to a question, how does washu place in nyc BL? i cant seem to find stats

myproudestnut

11:23

place in chicago more than NYC

[] VolatileClumsyAcolyte

11:24

so probably not worth for me to take a loan for washu even if i get in

[] VolatileClumsyAcolyte

11:24

if the goal is nyc bl and u have to pick between cardozo and washu where you goin

myproudestnut

11:24

depends on where else you get in, its a great school

myproudestnut

11:24

cardozo prob has more connections, oci

WorthlessAttractiveZombie

11:25

that also brings me to a question: is it possible to work in Chicago biglaw for a couple years then switch to NY biglaw or is that not possible (sorry if this is a stupid question, I dont have any lawyers in my family lol)

info-man

11:25

if you're NY or bust, i would go to cardozo

[] VolatileClumsyAcolyte

11:25

my goal being nyc bl im really just hoping for a CLS miracle and if not maybe NYU and if not maybe GULC and if not at least Fordham, Cardozo or Brooklyn Law the last resort...

[] VolatileClumsyAcolyte

11:26

@WorthlessAttractiveZombie: from my knowledge lots of firms have offices in both cities and it's pretty possible to swithc domestically, i know that switching to a different country might be an issue but you could read biglaw reddit, lots of useful info on there

myproudestnut

11:26

i would say if BL is your deal breaker, go Wash U. If NYC is ur deal breaker, go cardozo. Your gonna need to be in the very top of your class at cardozo to go BL, whereas youll need to be top half at Wash U

LSD+ is ad-free, with DMs, discounts, case briefs & more.