Proof of debts, Business Law and Ethics

PROOF OF DEBTS:

                                      Many of the rules of bankruptcy apply to the discharge of the company's debts: s.310.  The liquidator must obviously require satisfactory evidence that a creditor's claim is properly admissible as a liability.  This is done (where necessary) by a procedure for "proof of debts".

If the company is solvent every kind of debt which is legally enforceable may be admitted.  If it is insolvent unliquidated claims in tort are not admissible.  But the injured party may be permitted to bring an action against the company in tort so that his claim may be converted by the award of damage into a liquidated sum so long as it is liquidated when the claimant comes into prove.

Posted Date: 1/15/2013 5:18:11 AM | Location : United States







Related Discussions:- Proof of debts, Assignment Help, Ask Question on Proof of debts, Get Answer, Expert's Help, Proof of debts Discussions

Write discussion on Proof of debts
Your posts are moderated
Related Questions
Some provisions of the Factories Act and its amendments are given below. 1.   These provisions relate mainly to the health, safety and welfare of the workers in industry. 2.

As a senior HR officer in Catastrophe Concepts HR department, you have been asked by George Chapel to prepare a management briefing regarding the situation. Your report should:

Purpose of the rule: It has been stated by various English judges that without the rule in Foss v Harbottle (i)            There would be futile actions.  A court order

Representative action: Where individual shareholders have suffered personal loss in addition to the injury to the company one shareholder may bring a representative action on

EXPLAIN THE AIR SPACE AND OUTER SPACE The scientific advancements made by mankind in the past 100 years are a lot more than the overall scientific development of last 1000 year

Law institutions and delegation of authority How time-consistency plays a significant role in policy process. The problems induced by the heterogeneity leading to the problem o

REGULATIONS REGARDING EXPERIMENTS ON ANIMALS : You may be aware that experiments on animals are performed in the laboratories of educational and research institutions. You should k

SECURED CREDITORS: A secured creditor may: (a) realize his security and prove as an unsecured creditor for the balance (if any) of his debt; (b)value the security and prov

Features of Negotiable Instruments (i) Whether made payable to bearer, whether the title to it is negotiable through delivery. Although made payable for order, the title to such

Problem: (a) Show the difference between negotiation and Joint consultation Committee. (b) What is the difference between a procedural and a substantive agreement? (c) De