Annulment of order-adjudication of debtor, Financial Accounting

Annulment of order

The order may be annulled if

  • In the opinion of the court the debtor ought not to have been adjudicated bankrupt;
  • All the debts have been paid in full; or
  • A composition or scheme is accepted by the creditors and approved by the court.

 

As to (b) voluntary release of a debt is not equivalent to payment; a disputed debt is considered as paid in full if the debtor enters into a bond to pay it if the dispute is settled in favour of the creditor and a debt due to an untraceable or unidentifiable creditor by payment of the debt into court. The court may refuse an annulment, although the debts have been paid in full, or the O.R. reports that the bankrupt has committed bankruptcy offenses.

An annulment must be advertised in the Kenya Gazette, and releases the debtor from the disabilities of bankruptcy, but does not invalidate payments or other acts properly made by the Official Receiver or the trustee. The property of the debtor vests in such person as the court directs, or otherwise reverts to the debtor.

Posted Date: 12/12/2012 6:35:38 AM | Location : United States







Related Discussions:- Annulment of order-adjudication of debtor, Assignment Help, Ask Question on Annulment of order-adjudication of debtor, Get Answer, Expert's Help, Annulment of order-adjudication of debtor Discussions

Write discussion on Annulment of order-adjudication of debtor
Your posts are moderated
Related Questions
discuss the content of financial statement with reference to Indian companies?

Great Pumpkin Farms just paid a dividend of $3.50 on its stock.  The growth rate in dividends is expected to be a constant 5 percent per year indefinitely.  Investors need a 16 per

On May 1, 2010, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 100,000 shares of $1 par value common stock issued and outstanding. The


1. When preparing the operating activities section of the statement of cash flows using the indirect method, a decrease in accounts recievable is subtracted from net income. True o

Q. Explain the Auditing Standards? Auditing Standards - Guidelines to which an AUDITOR adheres. Auditing standards encompassauditor's professional qualities, as well as her or

Real Estate Mortgage Investment Conduit (REMIC) - An entity which holds a fixed pool of mortgages and issues multiple classes of interest in itself to investors. A qualified REMIC


Question 1 What is accounting and book keeping? Explain the objectives of accounting? Question 2 Explain GAAP and write down the relationship between accounting principles, a

What role does accounting play in the planning, implementation, analysis of CSR in particular and organizational strategies in general?