Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Consolidation
n 1 The act or process of uniting; the state of being united. 2. Corporations. The unification of two or more corporations by dissolving the existing ones and creating a single new corporation. - Also termed consolidation of corporations. Cf. MERGER (7). 3. Corporations. Archaic. A union of the stock, property, or franchises of two or more companies where by the conduct of their affairs is permanently - or for a long period - put under one management, whether the agreement between
consolidation loan
A loan whose proceeds are used to pay off other individual loans, thereby creating a more manageable debt.
consolidation of corporations
See CONSOLIDATION.
debt consolidation
See DEBT POOLINi
procedural consolidation
See JOINT ADMINISTRATION.
substantive consolidation
Bankruptcy. The merger of two or more bankruptcy cases, usu. pending against the same debtor or related debtors, into one estate for purposes of distributing the assets, usu. resulting in the two estates sharing assets and liabilities, and in the extinguishment of duplicate claims and claims between the debtors.