Examlex
Match the following terms with their descriptions below.
-Generalized tonic/clonic seizure
Liquidation
In regard to corporations, the process by which corporate assets are converted into cash and distributed among creditors and shareholders according to specific rules of preference. In regard to bankruptcy, a proceeding under Chapter 7 of the Bankruptcy Code, often referred to as ordinary or straight bankruptcy, in which a debtor states his or her debts and turns all nonexempt assets over to a trustee, who sells the nonexempt assets and distributes the proceeds to creditors. With certain exceptions, the remaining debts are then discharged, and the debtor is relieved of the obligation to pay the debts.
Dissolution
The process of legally terminating the existence of an entity such as a corporation or partnership.
Withdraw
The act of formally leaving a particular status or position, such as removing oneself from a legal case or retracting a statement.
Limited Partnerships
Business arrangements where at least one partner has unlimited liability while others have liability limited to the extent of their investments.
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