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
#Which of the two ratios are the greatest? 1.67.1 or 0.29.1

Ask questio. You have been appointed the accountant of a new organisation that is preparing its first set of financial statements. In determining the depreciation for the first yea

1.what are the various fields of accounting and how do they differ? 2. how are revenues and expenses affect the owners' equity account? 3. why are revenues and expenses recor

Company A subsequently sells 60% of the voting interest in Company S for $900,000. The fair value of Company A's retained interest of 10% in the voting stock in Company S is $120,0

ACC2200 Financial Accounting Assignment Trimester 2, 2013 DUE DATE: Monday, 9th September 2013 VALUE: 15% of OVERALL ASSESSMENT REQUIRED: (1) This research question consists of a

Q. Risk and Return - issue of debt? Raising debt finance will raise the gearing and the financial risk of the company while raising equity finance will lower gearing and financ

Q. Estimate the systematic risk of the new investment? The beta of the comparator company will be utilized to estimate the systematic risk of the new investment. No un-gearing

Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set

an asset has a useful life of 4 years.If it is depriciated by diminishing balance method.Its book value at the end of 4 years is 24% of its original cost.Hence the rate of depricia

Any non-quantifiable factors you feel might influence the decision to accept the proposal. Net present value methods are merely assessments of factors that we can quantify. The