Proof of debts, Business Law and Ethics


                                      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
Explain Constituent instruments Constituent instruments of international organizations, in which a treaty becomes a statute of an international organization, for example, Inter

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:

Liquidators' Powers:                                       The liquidator (in any type of liquidation) has numerous statutory powers but in the exercise of some of them he mus

Irene walked into a store carrying a bottle of soda she had purchased a few days earlier. While in the store, she opened the bottle of soda and was drinking it while she

Principle of statutory provisions: Most of the cases in which the principle has actually been applied appear to fall within one of the following two classes:- 1. Where the

Commencement of Business: Section III (1) provides that a public company which has issued a prospectus cannot commence business or exercise any borrowing powers unless:-

What is the dispute resolving mechanism Obligation to follow a treaty between states arises only when it has been concluded in a written form. Moreover, a treaty must be in a

Main advantages - mergers and winding up: A scheme of arrangement under s.207 offers three main advantages: (a)     it can be used in circumstances to which s.210 and s.280

Explain the sovereign of state immunity Immunity relates to the sovereign of state immunity and act of state doctrine. This is the most complicated immunity available and relat

Article 5 - State Responsibilty Article 5. Acts of persons authorized by a state to act on their behalf then the state is responsible for the actions of that person. For exampl