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Powers of trustee
(A) Of his own initiative, he may:1. Sell and transfer any part of the bankrupt's property;2. Gives receipts for money received;3. Take all necessary steps to recover debts due to the bankrupt;4. Exercise any powers vested in him under the bankruptcy act (cap.53)5. Bar an entail; and6. Do all necessary or expedient acts in his official name.(B) With permission of the committee of inspection or the court, he may:1. Carry on the business of the bankrupt;2. Bring and defend legal proceedings relating to the bankrupt's property;3. Employ a solicitor or other agent;4. Sell property in consideration of a future payment;5. Mortgage or pledge any part of the property;6. Refer disputes to arbitration and compromise claims;7. Distribute property in specie among creditors;8. Appoint the bankrupt to manage his property or carry on his trade for the benefit of the creditors; and9. Pay such allowances as he thinks fit to the bankrupt for the support of himself and of his family.
PRESUMPTION OF SURVIVORSHIP Where two or more persons have died in circumstances rendering it uncertain which of them survived the other or others, the deaths shall, for all pu
SEC reporting implications i) Potentially inaccurate reporting of executive compensation in proxy statements and annual reports ii) Potential violation of securities and Law
From the information provided, determine: 1.) The amount of retained earnings at December 31 and 2.) The amount of revenues for the period. Additional data: 1.)Expenses
Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee. Determine her gross pay for h
Steps for preparing Final Accounts The following steps should be followed in preparing the final accounts where we have a foreign branch. 1. Update the trial balance of the br
WACC and gearing There are two major theories linking a company's WACC and its gearing ratio. (i) The usual theory of gearing proposes a "U" shaped WACC curve. Cost of c
Illustration of change in profit sharing ratio A, B and C have been trading as equal partners having capital contributions of £400,000, £300,000 and £200,000 respectively. They
Shannon Kampa is in talks with Resul Ozbayrak Leaseco, a leasing company, to rent store space for new stores that Shannon is considering adding to her high-end natural foods chain.
Definition: A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnersh
Assignments of book debts The trustee can set aside an assignment of existing or future book debts, whether absolute or by way of charge, unless the assignment was registered a
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