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
a private owned business, pay salary to its employees according to the Ethiopian calendar month to the addis ababa city administration tax authority . Basic salary 3936 ,Normar wor

THE PETITION Petition by debtor : If the debtor presents his own petition, a receiving order is made at once without a court hearing and an adjudication order may also be ma

Members Voluntary Winding Up The company may be wound up by the members themselves without reference to the creditors, if the company is solvent. 1) Declaration of solvency

PROVABLE DEBTS All debts and liabilities present or future, certain or contingent, are provable in bankruptcy, except: 1) Claims for unliquidated damages in tort; 2) Debts

1) The detailed information is on the second tab marked "Financials". Enter summarized Balance Sheet and Income Statement information for Cummins into the template on the "Summary

What is the best way of doing reconciliations of control accounts like Purchases Ledger Control vs Purchases Ledger and Sales Ledger Control vs Sales Ledger

Q. What is Contractor Ledger? Accounts relating to contractors should be kept as personal accounts in contractor's ledger and a separate folio should be opened in the Contracto

Prepare the journal entries required to record the following transactions of a nongovernment, not-for-profit organization.   1. Unrestricted cash contributions received durin


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