Effect of discharge-discharge of bankrupt, Financial Accounting

Effect of discharge

An order of discharge releases the bankrupt from all disabilities imposed by the bankruptcy (except those which apply for a fixed period after discharge - see paragraph. 6.6 (b) (g), and from all provable debts except:

  1. Debts due to the government for breach of a revenue statute, or on recognizance, unless the Treasury gives written consent to his release;
  2. Debts incurred by fraud or fraudulent breach of trust;
  3. Liability under a judgment for seduction, or under an affiliation order, or as a correspondent in a divorce action, unless the court otherwise orders.


The order does not release him from liability to prosecution for bankruptcy offenses.

Revocation of discharge

The court may revoke or vary the order of discharge in the event of the debtor's failure to assist as required in supplying information or in the realisation of the estate.

Posted Date: 12/12/2012 6:39:36 AM | Location : United States







Related Discussions:- Effect of discharge-discharge of bankrupt, Assignment Help, Ask Question on Effect of discharge-discharge of bankrupt, Get Answer, Expert's Help, Effect of discharge-discharge of bankrupt Discussions

Write discussion on Effect of discharge-discharge of bankrupt
Your posts are moderated
Related Questions
The forecast income statements are as follows: WORKINGS Sales = 50000 × 1·12 = $56000000 Variable cost of sales = 30000 × 1·12 × 0·85 = $28560000 Fixed cost of sa

provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles

A changeable instrument is deemed part liability and part equity. IAS 32 necessitate that each part is measured individually on initial recognition. The liability element is

What is the objective of performing this test? What is the sampling unit? What is the population? These are the questions I am confused on the sampling and population I have som

Receiver appointed by court If appointed by the court, the receiver must give security as directed by the court. The following notification must be given: (a) The debenture h

Illustrations of Income statement Profit/Loss on disposal of non-current assets Material write down or reversal of write down on assets e.g. PPE inventory and debtors.

Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet w

what is the formulae for calculating Net income?

Ask question #EM201683STE718FACMinimum 100 words accepted#

Whereas dividend may be of prime significance to some equity shareholders, this may not be so for the other shareholders. Several shareholders may be interested in receiving a usua