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Accounts of trustees
The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of inspection at least once every three months, and the trading account examined and certified by them at least once a month. The accounts must be submitted for audit by the Official Receiver every six months and when the estate has been fully realised and distributed, one copy of the audited accounts is retained by the Official Receiver and another filed with the court. The trustee must also submit to the Official Receiver a progress report at least once a year.Trustee's bank account
The trustee must pay all money received into the Bankruptcy Estates Account at the prescribed bank if he retains sums exceeding Shs 1,000 for more than ten days, he is liable to pay 20% per annum interest on the amount, loses his rights to remuneration, may be removed from office, and is liable to pay any expenses incurred through his being advantageous to the creditors of the committee of inspection, or the trustee satisfies the court that there are good reasons for doing so. The trustee cannot draw cheques on the Bankruptcy Estates Account; only the Official Receiver can do so.
what type of transaction is a service revenue earned on account? a) asset source, b) asset use, c) asset exchange or d) claims exchange?
Defence of trustee 1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; 2) He may also be released
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OCF 218200 will result in a zero net present value for the project. The FC 329000 and CM 216.4 per unit. Financial break even?
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