Application of discharge-discharge of bankrupt, Financial Accounting

Application of discharge

Application may be made at any time after adjudication, but cannot be heard until the conclusion of the public examination. Notice of the hearing must be given in the Kenya Gazette, and 14 days' notice given to every creditor. The Official Receiver must report to the court on the bankrupt's conduct, and the bankrupt is entitled to a copy of this report at least seven days before the hearing.
The court may:

  1. Grant an absolute and immediate discharge;
  2. Refuse the application; or
  3. Grant a suspended or conditional discharge;

In particular, the court may only grant a discharge suspended for a definite period or until at least Shs 50 per Shs 100 has been paid to all creditors, or a conditional discharge subject to judgement being entered against the bankrupt for all or part of the unpaid balance of provable debts, if either -

  • The bankrupt has been convicted of a bankruptcy offence, or
  • Any of the "facts" set out on s.29 (3) have been proved against him; such "facts" include -assets less than Shs 50 per Shs 100 of unsecured liabilities; failing to keep proper books of account; knowingly trading when insolvent; gambling; extravagant living or neglect of business; frivolous litigation; previous bankruptcy, composition or scheme; fraud or fraudulent breach of trust.
Posted Date: 12/12/2012 6:37:45 AM | Location : United States







Related Discussions:- Application of discharge-discharge of bankrupt, Assignment Help, Ask Question on Application of discharge-discharge of bankrupt, Get Answer, Expert's Help, Application of discharge-discharge of bankrupt Discussions

Write discussion on Application of discharge-discharge of bankrupt
Your posts are moderated
Related Questions
An investment will pay $200 at the end of every of the next 3 years, $400 at the end of Year 4, $600 at the end of Year 5, and $800 at the end of Year 6. If other investments of eq

1. Lease vs. Buy Trasky Company is trying to decide whether it should purchase or lease a new automated machine to be used in the production of a new product. If purchased, the

According to the FASB, the usefulness of accounting is judged by which of the following two qualitative characteristics of accounting information? Comparability and neutrality Unde

hi could you please help me in my assignment i need it by 11/1/2017

What two components are used to compute the return on assets ?

Assume that you are the president of Gaslight company. At the end of the year (December 31, 2011 of operation.

Day Corporation purchased a patent on January 1, 2012 for $360,000. The patent had a useful life of 10 years at that date. In January of 2013, Day successfully defends the patent a

The Gladys Corporation buys office equipment costing $426,000 on May 12, 2013. In 2015, new and improved models of the equipment make it obsolete, and Gladys sells the old equipmen

First Meeting of creditors The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each c

Registration of a D of A and assent of creditors A D of A will be void unless it is registered with the Registrar within 7 clear days after first execution and is properly stam