Consequences of adjudication-adjudication of debtor, Financial Accounting

Consequences of adjudication

The consequences of the making of the adjudication order are:

1. The order must be advertised in the gazette and a local paper;

2. The ownership of the debtor's property vests in the trustee in bankruptcy;

3. The debtor must not obtain credit for shs 100 or more without informing the creditor that he is an undischarged bankrupt; credits under shs 100 can be added together to make this offence r v. Hartley (1972);

4. The debtor must not engage in any trade or business under a different name without disclosing the name under which he was adjudicated;

5. The debtor cannot act as a company director or take part in the management of a company except by leave of the court;

6. The debtor cannot act as a receiver or manager of the property of a company unless appointed by the court;

7. The debtor cannot be appointed or act as a justice of peace or be elected to or hold the office of mayor or member of local authority council, school committee or road board: this disqualification operates for five years after discharge unless he obtains a certificate of misfortune or the bankruptcy is annulled.

Posted Date: 12/12/2012 6:34:06 AM | Location : United States







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