Liquidated damages (Law), damages the amount of which is fixed or
ascertained. Abbott.
Liq`ui*da"tion (lk`w*d"shn), n. [Cf. F. liquidation.] The act or
process of liquidating; the state of being liquidated.
To go into liquidation (Law), to turn over to a trustee one's assets
and accounts, in order that the several amounts of one's indebtedness
may be authoritatively ascertained, and that the assets may be applied
toward their discharge.