Provable debts-bankruptcy and liquidation, Financial Accounting

PROVABLE DEBTS

All debts and liabilities present or future, certain or contingent, are provable in bankruptcy, except:

1) Claims for unliquidated damages in tort;

2) Debts incurred after the creditor had notice of an available act of bankruptcy;

3) Debts incapable of being fairly estimated;

4) Debts incurred after the date of the receiving order;

5) Debts void or unenforceable under the ordinary law of contract;

6) Maintenance payable by a husband to his wife.

7) Guarantees: The creditor or a surety (but not both) may prove in the bankruptcy of the principal debtor; a surety may prove in the bankruptcy of a co-surety; and a creditor may prove in the bankruptcy of a surety.

8) Bills of exchange: The holder may prove in the bankruptcy of all prior parties, unless the bill was made for his accommodation.

9) Annuities: An annuitant may prove for the estimated value of the annuity; if he dies before the proof is accepted, the amount becomes certain and the proof must be amended;

10) Periodical payments: Rent and other payments falling due at stated periods may be apportioned and proof from the person entitled to payment may be lodged for the proportionate part accruing due at the date of the receiving order.

11) Interest: Interest may be claimed-up to the date of the receiving order - if it is payable:By agreement;By statute.

Posted Date: 12/13/2012 1:03:15 AM | Location : United States







Related Discussions:- Provable debts-bankruptcy and liquidation, Assignment Help, Ask Question on Provable debts-bankruptcy and liquidation, Get Answer, Expert's Help, Provable debts-bankruptcy and liquidation Discussions

Write discussion on Provable debts-bankruptcy and liquidation
Your posts are moderated
Related Questions
My company agreed to clean a store for $1,375 per month. A check for $700 was received from the store as a deposit. What do I need to debit and credit in a general ledger?

Interest Interest may be claimed-up to the date of the receiving order - if it is payable: By agreement; By statute; If the debt was created in writing and due at a


A portfolio consists of the following three assets A, B and C. (a) Assuming a risk-free rate of 5.85 per cent and an expected return on the market of 13.60 per cent, calculate t

Significant Findings or Issues - Substantive matters which are vital to procedures performed, conclusions reached or evidence obtained and include though aren't limited to: 1.

Q. Which one of the following is not necessary in order for a corporation to pay a cash dividend? a. Adequate cash b. Approval of stockholders c. Declaration of dividends by the bo

Q. What is Amount per share? Par Value - Amount per share set in ARTICLES OF INCORPORATION of a CORPORATION to be entered in CAPITAL STOCKS account where it's left permanently

The city of Fredericton operates automobile parking facilities and is evaluating a proposal to erect and operate a structure for parking in the city's downtown area. 2 designs for

Rockland Corporation earned net income of $346,500 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $924,000 of 10% bon

"Government departments should take audit report seriously by preparing annual financial statement on time".... Based on the above statement, suggest ways on how government depa