Property in bankrupt''s reputed ownership, Financial Accounting

PROPERTY IN BANKRUPT'S REPUTED OWNERSHIP

The trustee may claim property owned by third parties which is in the bankrupt's possession at the commencement of the bankruptcy if:

1.    The property consists of goods or business debts;
2.    In the sole possession, order or disposition of the bankrupt at the commencement of the bankruptcy;
3.    For use in his trade or business;
4.    With the consent of the true owner;
5.    In such circumstances that the debtor was the 'reputed owner' of the goods.

The trustee's claim may be defeated by evidence of a trade custom of possession of such goods without ownership; in view of the prevalence of hire purchase and similar agreements, this clause now seems to have little practical importance.

Posted Date: 12/13/2012 12:35:16 AM | Location : United States







Related Discussions:- Property in bankrupt''s reputed ownership, Assignment Help, Ask Question on Property in bankrupt''s reputed ownership, Get Answer, Expert's Help, Property in bankrupt''s reputed ownership Discussions

Write discussion on Property in bankrupt''s reputed ownership
Your posts are moderated
Related Questions
Joe Doyle has recently received a substantial inheritance on the death of his mother. Joe has been working in a job that he does not really enjoy, and has dreamed of starting up hi

1) Inventory of raw material are held to make sure that the production process is not disrupted because of shortage of raw material. The amount of raw material inventory would base

The assignment requires a significant part of the work to be done in a spreadsheet. I have not nominated any particular vendoar or any particular version. The choice is up to you,

scope of financial accounting

Q. Responding to various stakeholder groups? If a company has a solitary objective in terms of maximising profitability then it is only responding to one stakeholder group name

How to calculate fair value of long-lived asset when the information about fair value is not available?

Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices, what account

are the notes to the financial statements part of the financial reporting

Realisation of assets 1. Divisible property : The ownership of the company's property does not vest in the liquidator (unless the court makes a vesting order: s.240); but

The Federal Government The Federal Government is the single largest influence on the U.S. economy. There are two main areas in which the government can impact the economy: fi