Disclaimer of leases-bankruptcy and liquidation, Financial Accounting

Disclaimer of leases

In principle where the bankrupt is a lessee the lease cannot be disclaimed without leave of the court; but such leave is not required in the following cases.

1. If the property is not sublet or mortgaged and

  • Its real value is less that Shs 400 p.a.; or
  • The estate is being administered summarily, or
  • The trustee serves notice of his intention to disclaim on the lessor and the lessor does not within seven days require the matter to be brought to court;


2. If the property is sublet or mortgaged and the trustee serves all parties with notice of his intent to disclaim and no party within 14 days requires the matter to be brought to court.

Posted Date: 12/13/2012 12:55:52 AM | Location : United States

Related Discussions:- Disclaimer of leases-bankruptcy and liquidation, Assignment Help, Ask Question on Disclaimer of leases-bankruptcy and liquidation, Get Answer, Expert's Help, Disclaimer of leases-bankruptcy and liquidation Discussions

Write discussion on Disclaimer of leases-bankruptcy and liquidation
Your posts are moderated
Related Questions
DISSOLUTIONS A partnership may be dissolved due to various reasons which include: Poor trading that has led to losses A partner dying or leaving the firm The time

You were recently hired by E&T Boats, Inc. to assist the company with its financial planning and to evaluate the company's performance.  E&T Boats, Inc. builds and sells boats to o

You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d

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.2  Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.

write a short note of concept and convention

Below are excerpts from Safeway's 2010 Annual Report, including its Consolidated Balance Sheets, a portion of Note E, Lease Obligations, and Note H, Taxes on Income, from the Notes

what are five modern techniques of accounting