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
Question : The subsequent data pertain to a shop. The owner has made following sales forecasts for the first 5 months of the coming year.

A new shopping mall is considering setting up an information desk staffed by one (1) employee. Based upon information obtained from similar information desks, it is believed that p

Can you do the attached quections by Monday?

Brazil Corporation was organized on January 1, 1999. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of common stock with a par val

The discount rate used must normally reflect the weighted average cost of equity and debt taking into account the systematic risk of the investment. A company's weighted average co

IDEAL MINORITY INTEREST The minority interest ideally is entitled to the profit after tax in minority interest. However due to consolidation, the profits of the subsidiary compan

A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c

Flying High Inc. plans to raise $5,000,000 external financing by issuing bonds, and is considering two options: regular bonds & zero couple bonds.  The regular bonds will have coup

What is the net present value of a project that requires a net investment of $76,000 and produces net cash flows of $22,000 per year for 7 years? Assume the cost of capital is 15 p

Foreign Currency Translation - Restating foreign currency in equivalent dollars; unrealized losses or gains are postponed and carried in Stockholder's Equity until foreign operatio