Receiver necessary statement-bankruptcy, Financial Accounting

Receiver necessary statement

The receiver may, if necessary, require the statement to be submitted by:

  1. Past or present officers of the company
  2. Persons who have taken part in the formation of the company at any time within the previous year
  3. Persons employed by the company within the previous year, and capable, in the opinion of the receiver, of giving the information required
  4. Persons who are or have been within the previous year officers or employees of a company which is or has been within that year an officer of the company s.352 (2).


Within two months of receipt of the statement of affairs the receiver must send:

  1. A copy of the statement of affairs
  2. His comments thereon (if any)
  3. A summary of the statement of affairs, and
  4. A summary of his comments, to:

 

  •         The registrar
  •         The court (if appointed by the court) - (a) and (b) only
  •         The company - (b) only, or a notice that has no comments to make, and
  •         To the debenture holders and their trustees (if any) - (c) only s.351(1) (c).

 

Apart from the duties imposed by law, the receiver should, upon appointment, master the terms of his appointment and ensure the validity of the charge, and, if he is appointed manager:- open an account as receiver and have existing balances and all moneys received paid into that account: give instructions that no goods are to be ordered or payments made without his authority, and that all letters etc., are to comply with s.349; make arrangements for continuing or terminating contracts of employment; take an inventory of all the assets; check insurances; and prepare lists of the company's debtors and particulars of the debts.

If the receiver is appointed by the court, he is an officer of the court, and no action can be brought against him, or taken or continued by him without leave of the court; he is not the agent of either the company or the debenture holders.

Posted Date: 12/13/2012 2:00:55 AM | Location : United States







Related Discussions:- Receiver necessary statement-bankruptcy, Assignment Help, Ask Question on Receiver necessary statement-bankruptcy, Get Answer, Expert's Help, Receiver necessary statement-bankruptcy Discussions

Write discussion on Receiver necessary statement-bankruptcy
Your posts are moderated
Related Questions
hello, i have got my answer, but i don''t know the PART C why doesn''t calculate "working capital: 60000"?????? can not find match number in the solution table

The concern uppermost in Sonia Burdett's mind at present was how to effectively communicate to the firm's Board of Directors the soundness of her financial policies. Ms. Burdett is


In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty l

Assume Mr. Ram deposits Rs. 10,000 annually in a bank for 5 years, at 10 percent compound interest rate. Compute the value of this series of deposits on the end of five years by as

Cashflows from operating activities  operating activities are the principle revenue generating activities of the business and examples of such cashflows include: Cash re

Determine about the accounting information Numerous user groups have an interest in accounting information relating to a business. Majority of these are outside the business ho

Pre-acquisition losses in subsidiary company on date of acquisition If the subsidiary company has a loss on the date of acquisition i.e. a debit balance in the retained profits

#question.how a contra might arise.

Which of the following events would be recorded as an accounting event? Answer   a. A guest purchases a meal in a food outlet.