Petition by creditor-bankruptcy, Financial Accounting

Petition by creditor

Any creditor including an assignee of a debt, may petition, provided:

  • The debt due to him amounts to at least Shs 1,000;
  • The debt is certain and is for a liquidated sum;
  • The petition is based on an act of bankruptcy committed within the previous three months.
  • The debtor is domiciled in Kenya, or within the previous year has ordinarily resided or carried on business.           

 

A creditor whose debt is less than Shs 1,000 may petition jointly with other, if the aggregate of the debts is Shs 1,000 or more A secured creditor may only petition in respect of the balance unsecured unless he agrees to surrender his security.

Posted Date: 12/12/2012 6:06:38 AM | Location : United States







Related Discussions:- Petition by creditor-bankruptcy, Assignment Help, Ask Question on Petition by creditor-bankruptcy, Get Answer, Expert's Help, Petition by creditor-bankruptcy Discussions

Write discussion on Petition by creditor-bankruptcy
Your posts are moderated
Related Questions
Q. What do you mean by earnings per share? Anti-dilution - Condition which may increase computation of EARNINGS PER SHARE (EPS)or decrease loss per share solely due to the incl

1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr

During summer of 2006, China increased their reserve requirement for the banking system while maintaining a fixed target for the interbank lending interest rate. Draw a graph of th

When Lydia started her vending machine business, she instituted flexible budgeting for the first few months of operations. Her first monthly budget numbers were these: Cost of g

THE NOTES TO THE ACCOUNTS The notes to the accounts provide additional information on the a/c policies that the company has adopted the make-up of some of the items appearing on

What is a cash budget? How it is useful in managerial decision making?

On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued

Which of the following events would be recorded as an accounting event? Answer   a. A guest purchases a meal in a food outlet.

Q. Strengths and Weaknesses of Capital asset pricing model? Strengths - Gives a risk adjusted discount rate precise to the project's activities. - Books of betas are r

1. Prepare three years of monthly cash budgets, yearly income statements, and yearly balance sheets for the jewelry business Daisy & Company. General Information: 1. Th