Receiver appointed by court-bankruptcy and liquidation, Financial Accounting

Receiver appointed by court

If appointed by the court, the receiver must give security as directed by the court.

The following notification must be given:

(a) The debenture holders must give notice of the appointment to the registrar within seven days for entry in the register of charges s.103,

(b) If appointed receiver or manager of substantially the whole of the company's assets under a floating charge, the receiver must give notice of his appointment forthwith to the company s.351 (1)(a),

(c) Every invoice, order for goods or business letter on which the company's name appears must state that a receiver or manager has been appointed s.349.

Where (b) above applies, the company must, within 14 days of receiving the notice (or such longer period as the court or the receiver may allow), submit a statement of affairs to the receiver s. 351 (1)(b), verified by affidavit or statutory declaration by a director and the secretary, and showing.

  • Particulars of the company's assets, debts and liabilities
  • Names, residences and occupations of creditors
  • Securities, if any, held by them, and the dates on which they were given, and

 

(d) Such further or other information as may be prescribed s.352(1).

Posted Date: 12/13/2012 1:57:04 AM | Location : United States







Related Discussions:- Receiver appointed by court-bankruptcy and liquidation, Assignment Help, Ask Question on Receiver appointed by court-bankruptcy and liquidation, Get Answer, Expert's Help, Receiver appointed by court-bankruptcy and liquidation Discussions

Write discussion on Receiver appointed by court-bankruptcy and liquidation
Your posts are moderated
Related Questions
Mr N. M. is lucky to have a lottery prize of Rs 20 million. He does not have any liability and does not have any claimant over this money. He has the following alternatives: (i)

Q. Illustrate Accounting ramifications? Accounting ramifications i) Restatement ii) Unable to file on timely basis while go back and determine what periods are effected

Division of the trust The safeguards consist in the division of the trust funds into portions.  Before this division takes place, the investments are revalued in order to deter

Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) in

BFD Co has occurrence rapid growth in turnover since its formation three years ago but it has been unable to maintain net profit margin which has fallen from 19% in 2002 to 12% in

Types of temporary differences There are two main types of temporary differences; 1) Taxable temporary difference : If the carrying amount is more than the tax base then

what are five modern techniques of financial accounting

Q. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5.

Q1. what are the roles and objective of FASB and IASB? Q2.what are the main reason for the joint project undertaken by the FASB and IASB? Q3.state some critics by individual and th

During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share July 1 Issued 60,000 sh