Bankrupt person-bankruptcy and liquidation, Financial Accounting

Bankrupt person

A bankrupt is a person against whom an adjudication order has been made by the court primarily on the grounds of his insolvency. Any person (other than a body corporate) can be made bankrupt (including in certain cases, infants and persons of unsound mind) who:

  1. Has incurred liquidated debts of Shs 1,000 or more; and
  2. Has committed an act of bankruptcy within the three months preceding presentation of the petition; and
  3. At the time the petition was presented was domiciled or within a year before, was ordinarily resident in a country or carrying on business in that country personally or by an agent or as a member of a firm.
Posted Date: 12/12/2012 5:47:53 AM | Location : United States







Related Discussions:- Bankrupt person-bankruptcy and liquidation, Assignment Help, Ask Question on Bankrupt person-bankruptcy and liquidation, Get Answer, Expert's Help, Bankrupt person-bankruptcy and liquidation Discussions

Write discussion on Bankrupt person-bankruptcy and liquidation
Your posts are moderated
Related Questions
some lectures on branch accounting chapter of advance accounting or way how to do journal entries or way of branch accounting??i m totally unaware of this chapter and want to study

Looking for Income Statement and Balance Sheet for the Better USA, Inc. company for 2010 and 2011 Facts: Sales 11,573 (2010) and 12,936 (2011) - Depreciation 1,661 and 1,736 - Cost

MAINTENANCE Trustees may pay to the parent or guardian out of income of a fund held on the trust for an infacnt reasonable sums for his maintenance and education, having regard


2(i). If all depositors tried to convert their deposits into cash at once, they would find that there are not sufficient reserves in the system to permit all of them to do this at

Foreign Corporation - A corporation that isn't organized under the laws of ones territories or states. Taxing of foreign corporations relies on whether corporation has Nexus or eff

Variation of securities It would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold. If this were done, it wo

US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term

Ortiz Motors sponsors a defined-benefit pension plan for its employees. On January 1, 2013, the company's records showed the following account balances relevant to this plan: Plan

Cleaning Co. began business on March 1, 2011. The company provides specialized cleaning services to corporate clients. Listed below are the transactions entered into by Cleaning Co