A liquidating partner is a partner who is appointed to settle a dissolving or insolvent firm’s finances. During the process of liquidation, a liquidating partner is in charge of selling and distributing assets as well as settling debts on behalf of the partnership, as well as collecting the assets, adjusting the claims, and paying the debts.
See: Garretson v. Brown, 185 Pa. 447(1989)
[Last updated in April of 2022 by the Wex Definitions Team]
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