Effect of receiving order, Financial Accounting

Effect of receiving order

The consequences of the making of the receiving order are:

  1. The debtor retains ownership, but loses possession and control of his property;
  2. The official receiver becomes receiver of the debtor's property;
  3. No legal proceedings may be brought in respect of provable debts except by leave of the court;
  4. Transactions subsequently entered into by the debtor are prima facie invalid;
  5. The receiving order must be advertised in the gazette;
Posted Date: 12/12/2012 6:15:58 AM | Location : United States







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

Write discussion on Effect of receiving order
Your posts are moderated
Related Questions
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) in

Answer all of the parts in this task. Part (i) is worth a maximum of 6 Marks - 1 Mark each part. Parts (ii) and (iii) are worth a maximum of 2 Marks each. (i) Describe each of t

In 200 words or more, discuss the issues that relate to the accounting for operating and capital leases. In your posting, please articulate issues that the accountant faces in r

A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows:    1 share in

Combined income statement The figures to appear in the combined income statement are based on the following diagram: 1) An arrow pointing into a box refers to purchase

A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on Octob

What is the sales price of common stock when it was issued?

inventory ratio of 4 compared to 7.1

You are the Genesis accountant and have taken a class recently in financing. You agree to prepare a PowerPoint presentation of approximately 6-8 minutes using the examples and info

Closing Entries: Expenses Below is a list of accounts with corresponding ending balances. Account: Account Balance a.Insurance Expense: $1,300 b.Cash: 750 c.Accounts Receivable: 4,