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
1. What accounting firm performed the audit of Zetar's financial statement? 2. What is the address of the company's corporate headquarters? 3. What is the company's reporting

What do you mean by base case NPV?

what is the reason of incorporating 1. corporate governance statement 2. audit committee statement 3. internal audit statement into annual reports?

Define the term Relevance - accounting information Accounting information should have the ability to influence decisions. Except this characteristic is present, there is ac

Define Accruals or accrued charges What are Accruals or accrued charges - Expenses that are done for the current accounting period which have not yet been paid. These are someti

Ordinary Income - One of two classes of income (other being CAPITAL GAINS) taxed under the INTERNAL REVENUE CODE. Factually, ordinary income is taxed at a higher rate than capital

unit selling price of products= $40 unit variable expense of product= $24 Total fixed expenses= 560,000 avg op assets= 3,000,000 1)how many units must the division sell each yea

Mauve Corporation began operations as a farm supplies business and used a fiscal year ending September 30. The company gradually went out of the farm supplies business and into the

Enumerate the scope and utility of management accounting.

Q. Explain about Fiduciary? Fiduciary - Person who is responsible for administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate