Compulsory liquidation synonyms, compulsory liquidation pronunciation, compulsory liquidation translation, english dictionary definition of compulsory liquidation. The process of transferring all corporate assets including cash and property to shareholders who then assume responsibility for any remaining liabilities. Winding up of a firm by selling off its free unpledged assets to convert them into cash to pay the firms unsecured creditors. Once all the assets have been sold, the business is shut down. The phenomenon occurs in watersaturated unconsolidated soils affected by seismic s waves secondary waves, which cause ground vibrations during earthquakes. Liquidate meaning in the cambridge english dictionary. Liquidation occurs when a firms business is terminated. The rate of cracking and the end products are strongly dependent on the temperature and presence of catalysts.
Solidification cracking can occur in the fusion zone during the solidification of the weld metal. Soil liquefaction occurs when a saturated or partially saturated soil substantially loses strength and stiffness in response to an applied stress such as shaking during an earthquake or other sudden change in stress condition, in which material that is ordinarily a solid behaves like a liquid in soil mechanics, the term liquefied was first used by allen hazen in reference to the. Welds may contain porosity, slag inclusions or cracks. Liquidation is the process of selling off all the assets of an entity, settling its liabilities, distributing any remaining funds to shareholders, and closing it down as a legal entity. The evolution of cast microstructures on the haz liquation. Bankruptcy filed under chapter 7 is the most common type of bankruptcy proceeding. The meaning of liquidation depends on the use of the word. Liquidation definition of liquidation by the free dictionary. To liquidate a company is to close it down and sell all its assets, usually because it is. It is used when the company is determined to no longer be a going concern and liquidating the assets would yield a higher value than the present value of its future earnings and cash flow potential. Liquidation cracking in the haz is one of the most noticeable problems. Both solidification cracking and hot cracking refer to the formation of shrinkage cracks during the solidification of weld metal, although hot cracking can also refer to liquation cracking solidification cracks can appear in several locations, and orientations, but most commonly are longitudinal centreline cracks coincident with the intersection of grains growing from opposite. In other words, liquidation is the process of closing a business, paying off creditors, and giving the investors whatever is left over. Liquidate definition is to determine by agreement or by litigation the precise amount of indebtedness, damages, or accounts.
Liquidation is the winding up of a company, the selling of assets to distribute them depending on whether the business is solvent or insolvent. Liquidation is also sometimes referred to as windingup or dissolution, although dissolution technically refers to the last stage of liquidation. Liquidation generally refers to the process of selling off a companys inventory, typically at a big discount, to generate cash. When putting company into liquidation occurs as a result of shareholders resolution, then the date of opening liquidation would be the date indicated in this board resolution. In most cases, a liquidation sale is a precursor to a business closing. The liquidation approach is one of the primary business valuation methods available. The liquidation process is a possible outcome of bankruptcy, which a company enters when it does not have sufficient funds to pay its creditors. Two main cracking mechanisms, liquation cracking and solidification cracking that are very common during welding of nickelbased superalloys, have been identified in these studies 3,6,7,10,12,19. A type of proceeding pursuant to federal bankruptcy law by which certain property of a debtor is taken into custody by a trustee to be sold, the proceeds to be distributed to the debtors creditors in satisfaction of their claims. Details of how to avoid solidification cracking in ferritic steels are given in the best practise guide on fabrication cracking mechanisms.
Liquidation meaning in the cambridge english dictionary. Hydrogen embrittlement he also known as hydrogen assisted cracking hac and hydrogeninduced cracking hic, describes the embrittling of metal after being exposed to hydrogen. Liquidation bankruptcy law and legal definition uslegal. Evidences of this appeared to be the cracking of nibased alloys and austenitic stainless. For example mixed features between the various fatigue mechanisms or between.
This is because as part of the liquidation process, all the companys assets. Liquidation bankruptcy refers to a bankruptcy proceeding filed under chapter 7, title 11 of the bankruptcy code. Imminent refers to one of the following two conditions. Manage your assets and depreciation with easytouse accounting and invoicing software like.
Liquidation article about liquidation by the free dictionary. Inservice cracks often exhibit mixed features of two or more crack mechanisms. For example, by joining a perfectly weldable 2xxx series base alloy to a perfectly weldable. This cracking mechanism is also known as hot shortness, hot fissuring, solidification cracking and liquation cracking. Starting from staehles definition as slip dissolution mechanism, a perception was clear by which, in addition of the anodic dissolution as purely corrosion mechanism, a mechanical crack propagation would occur. For example in the al mapping, the column with lv caption stands. A type of proceeding pursuant to federal bankruptcy law by which certain property of a debtor is taken into custody by a trustee to be sold, the proceeds to be distributed to the debtors creditors in satisfaction of. Soil liquefaction, also called earthquake liquefaction, ground failure or loss of strength that causes otherwise solid soil to behave temporarily as a viscous liquid. Liquidate definition of liquidate by merriamwebster. Information and translations of liquidation in the most comprehensive dictionary definitions resource on the web. The compulsory liquidation of your company would occur should an individual or company, typically a disgruntled creditor, lodge a winding up petition wup with the court. The motivation behind this act would be to recover the outstanding debt your company owes them.
The act of exchange of an asset of lesser liquidity with a more liquid one, such as cash. Businesses can liquidate their assets for any number of reasons, but. Hot cracking is the cause of almost all cracking in aluminum weldments. It usually involves the collection of assets, the undertaking of investigations, and the distribution of funds to creditors and then shareholders. Liquidation process is initiated either by the shareholders voluntary liquidation or by the creditors after obtaining courts permission compulsory liquidation. Both solidification cracking and hot cracking refer to the formation of shrinkage cracks during the solidification of weld metal, although hot cracking can also refer to liquation cracking solidification cracks can appear in several locations, and orientations, but most commonly are longitudinal centreline cracks coincident with the intersection of grains growing from opposite sides of the. Corporate activities focus on concluding any financial matters to include payment of debts and distribution of assets. Liquidation is the process of selling off assets to repay creditors and distributing the remaining assets to the owners. The liquidator takes control of all the companys unsecured assets, which are sold to repay the creditors. Liquation cracking, on the other hand, can occur in the partially melted zone during the solidification of the liquated material. A liquidator is appointed when a company is placed into liquidation. This cracking mechanism is also known as hot shortness, hot assuring, solidification cracking and liquation cracking. Cracking is associated with impurities, particularly sulphur and phosphorus, and is promoted by carbon whereas manganese and silicon can help to reduce the risk.
The susceptibility to liquation cracking decreased with increasing heat input and peak power in. The assets and property of the company are redistributed. Hot cracking is a hightemperature cracking mechanism and is mainly a function of how metal alloy systems solidify. Key mechanism of microcrack occurrence in aswelded condition is liquation of. Incorporating your small business creates a new legal entity with rights and responsibilities that are separate and distinct from you, and from any other person who owns a share of the business. There are a number of cracking mechanisms associated with the welding of metallic alloys. Liquidationist definition and meaning collins english. Liquidation is explained in detail and with examples in the accounting edition of the herold financial dictionary, which you can get from amazon in ebook or paperback edition. Solidification and liquation cracking issues in welding. Unlike steels or nickelbased superalloys, little, if any, has been reported about the mechanism of weldinginduced gb. In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Liquidation basis of accounting recognition and measurement.
Hot cracking is the cause of almost all cracking in aluminium weldments. When the business is no longer viable or you otherwise decide to cease. However, even if hot cracking is avoided during welding, the pmz can still be susceptible to ductility loss after welding, as observed in tensile testing of the resultant welds refs. Liquidation cracking in the haz is one of the most noticeable problems in welding or. A plan for liquidation has been approved, and is likely to be achieved. In laser processing, the most common cracking mechanism is solidification cracking, or hot cracking, which means that the low melting composition solidified at the gap of dendrite. Insolvent liquidation financial definition of insolvent. Thus, since june, 2018, when the banks voluntary liquidation process was launched, the banks liquidators have recovered eur 635. Mechanism in heat affected zones of laser forming repaired k465 nickelbased. Pdf heat input and the liquation cracking of laser welded. The effect of liquidation on a company insolvency and. It is a complex process that is not completely understood because of the variety and complexity of mechanisms that can lead to embrittlement. Weld cracking several types of discontinuities may occur in welds or heat affected zones.
The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. In petrochemistry, petroleum geology and organic chemistry, cracking is the process whereby complex organic molecules such as kerogens or longchain hydrocarbons are broken down into simpler molecules such as light hydrocarbons, by the breaking of carboncarbon bonds in the precursors. Weld solidification cracking is studied in two advanced high strength trip high. Cracking mechanism an overview sciencedirect topics. Liquidation is the process in accounting by which a company is brought to an end in the united kingdom, australia, new zealand, republic of ireland, cyprus, united states and italy. A liquidation is conducted under the corporations act. Liquidation definition, the process of realizing upon assets and of discharging liabilities in concluding the affairs of a business, estate, etc. Liquidate definition and meaning collins english dictionary. Liquidation shall be opened on the date of adoption by the shareholders a resolution on dissolving the company or incidence of another reason for liquidation. Netback is a summary of all the costs associated with bringing one unit of oil to the marketplace and all of the revenues from the sale of all the products generated from that same unit, expressed.
Heataffected zone liquation cracking in austenitic and duplex. Mechanistic model for stress corrosion crackinganodic. The selling of the assets of a business as part of the process of dissolving the business. How to avoid cracking in aluminum alloys alcotec wire corporation. Evaluation of solidification cracking susceptibility during laser. To settle the affairs of by determining the liabilities and applying. Liquidation is the process of winding up and finalising a companys affairs. Insolvent liquidation legal definition of insolvent. Any transaction that offsets or closes out a long or short position. To minimise the risk of cracking, fillers with low carbon and impurity levels and a. These results are discussed pertaining to the cracking mechanism.
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