Committee of inspection-bankruptcy, Financial Accounting

COMMITTEE OF INSPECTION

Appointment:

A committee of inspection may be appointed by the creditors at their first or any subsequent meeting to supervise the trustee.

Membership:

The committee consists of between three and five members, who must be creditors whose proofs have been admitted, or the holders of general proxies of powers of attorney from them; a person may be appointed before, but cannot act until, these conditions are satisfied. Membership may be terminated by:

1.    Written resignation to the trustee;
2.    Bankruptcy of member or arrangement with his creditor;
3.    Failure to attend five consecutive meetings; or
4.    Removal by creditors.
5.    Vacancies are filled by the creditors.

Meetings
:

Meetings must be held at least once a month and may be called by the trustee or any member; a majority of members constitutes a quorum.

Fiduciary position of members

A member is not entitled to payment for his services or to enter into any transaction in relation to the bankrupt's estate, except with the sanction of the court.

Posted Date: 12/12/2012 6:50:17 AM | Location : United States







Related Discussions:- Committee of inspection-bankruptcy, Assignment Help, Ask Question on Committee of inspection-bankruptcy, Get Answer, Expert's Help, Committee of inspection-bankruptcy Discussions

Write discussion on Committee of inspection-bankruptcy
Your posts are moderated
Related Questions
Defence of trustee   1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; 2) He may also be released

Q. If a stockholder receives a dividend that reduces retained earnings by the fair market value of the stock, the stockholder has received a a. large stock dividend. b. cash divide

Q. Show the Management Report? Management's Report - Management is essential to include in its annual report its assessment of the effectiveness of the company's internal contr

On January 7, 2016, Captec Company purchased $4,175 of supplies on account . In Captec Company’s chart of accounts , the Supplies account is No. 15, and the Accounts Payable accoun

Suppose the interest rate for a one-period bond is 4% between the current period and the next. Then the rate becomes 5% for ever. (a) What is the price of an asset paying (1,1,1

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statemnents. Let's start by getting an understanding of w

how can make a balance sheet



Q. Explain briefly the role of computers in accounting? Computers can be used as accounting machines and perform all the functions which accounting machines perform. Some of th