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 annuity is explained as stream of uniform duration cash flows. The payment of life insurance premium through the policyholder to the insurance company is an illustration of an a

How to calculate fair value of long-lived asset when the information about fair value is not available?

Please use the information below to complete Form 1120S and the Schedule K-1%u2019s for Form 1120S. Blank forms can be found on the Hands-On Assignment page or in Doc Sharing. If y

The Rohr Company's old equipment for making subassemblies is worn out. The company is considering two alternatives: a) Completely replacing the old equipment with new equipment

The following items are found in the trial balance of M/s Sharada Enterprise on 31st December, 2000. 10 marks Summer 2013 Sundry Debtors Rs.160000 Bad Debts written off Rs 9000 Dis

Write  the advantages and drawbacks of both the structured and object-oriented (OO) paradigm in programming. Describe the perceived preference of OO languages over the more structu

Juniper Ltd is a listed diversified company.  In preparing its financial statements in accordance with AASB 8, the chief operating officer has identified three operating segments:

Q. Evaluate Weighted average cost of capital? As the investment is an extension of existing activities the risk of the investment will be estimated using the company's current

WHAT IS dEPRECIATION?