Landlord''s right of distress-bankruptcy, Financial Accounting

Assignment Help:

LANDLORD'S RIGHT OF DISTRESS

The Landlord's right to distrain for arrears of rent is not lost on the tenant's bankruptcy, but

1) Distress can only be levied after commencement of bankruptcy for up to six month's rent due prior to adjudication and is not available for rent payable after date of distress;

2) If distress is levied within three months preceding date of receiving order, proceeds are subject to a first charge in favour of preferential creditors; if the landlord suffers loss as a result he acquires the same rights of priority as the preferential creditors who are paid;

3) He can distrain for rent due after adjudication if trustee remains in possession and does not disclaim lease; if tenant's goods have been seized in execution of a judgment, landlord can claim up to one year's arrears out of proceeds, or six months' arrears if claim made after commencement of bankruptcy.

Unless the landlord has distrained he has no priority over the creditors.


Related Discussions:- Landlord''s right of distress-bankruptcy

Market microstructure and electronic trading, 1. You (Exchange) have just f...

1. You (Exchange) have just filled an order and notified involved traders of their fills. Next you must tell the world about this trade. Suppose you flip a coin. You flip a coin

Which is not true of a corporation, Q. Which of the following is not true o...

Q. Which of the following is not true of a corporation? a. It may buy, own, and sell property. b. It may sue and be sued. c. The acts of its owners bind the corporation. d. It may

Instantaneous standard deviation, The current stock price of International ...

The current stock price of International Wood is $69 and the stock does not pay dividends. The instantaneous risk free rate of return is 10%. The instantaneous standard deviation

P6-2b, #questioSavage Distribution markets CDs of the performing artist Lit...

#questioSavage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost o

What is the value of the firm, Firm Value: Old School Corporation expec...

Firm Value: Old School Corporation expects an EBIT of $9,000 every year forever. Old School currently has no debt, and its cost of equity is 18 percent. The firm can borrow at

Protection of trustee against claims, PROTECTION AGAINST CLAIMS The tru...

PROTECTION AGAINST CLAIMS The trustees may protect themselves against claims after discharge in the following ways:   1. As regards liability for rent and other obligations und

What is the cash flow from assets for 2010, The following question are base...

The following question are based on above table:- Question 1 What is the change in net working capital from 2009 to 2010? Question 2 What is net capital spending for 20

PARTNERSHIP, CHARACTERISTICS OF PARTNERSHIP

CHARACTERISTICS OF PARTNERSHIP

Related party transaction, Related Party Transaction - Business or other tr...

Related Party Transaction - Business or other transaction between persons who don't have an arm's-length relationship (for example a relationship with independent, competing intere

Compute the present value, Q. Compute the present value? The offer for...

Q. Compute the present value? The offer for the manufacturing rights is for a ten-year period. Annual after-tax cash flow after Year 4 = $660000 Present value of this c

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd