Receiving order, Financial Accounting

Assignment Help:

RECEIVING ORDER

It includes five main important points as follows:

Effect of receiving order: The consequences of the making of the receiving order are:The debtor retains ownership, but loses possession and control of his property, the official receiver becomes receiver of the debtor's property.

Rescission of receiving order:
The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in full.

Statement of affairs: Within fourteen days of the receiving order '(or before, but not more than three days before, the date of the debtor's own petition) the debtor must submit to the Official Receiver a statement of his affairs.

First Meeting of creditors: The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each creditor mentioned in the statement of affairs and by six days' notice in the Gazette

Public examination: This is fixed by the court, on the application of the Official Receiver, as soon as is convenient after the time for submission of the debtor's statement of affairs Notice must be given to the debtor and the creditors.


Related Discussions:- Receiving order

Form-express trusts-trust laws and accounts, Form No special form is no...

Form No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved b

Liquidation, The liquidation of the Marks, Norris, Smith, and Savannah part...

The liquidation of the Marks, Norris, Smith, and Savannah partnership:

Perform horizontal financial analysis, For this assignment you are acting a...

For this assignment you are acting as a financial analyst for Apple Inc. Apple Inc. Is one of the most innovative companies worldwide. For example, in November 2012 Apple sold 3 mi

Calculate the annual percentage rate, Your mother-in-law is fretting about ...

Your mother-in-law is fretting about paying her mortgage. She refinanced her mortgage loan a while back, and now is thinking about refinancing again. You are going to help her eval

Prepare mehring''s statement of cash flows, The following information is av...

The following information is available for Mehring Corporation for the year ended December 31, 2012: Collection of principal on long-term loan to a supplier

What is the present value, What is the present value of $500 per year for t...

What is the present value of $500 per year for ten years at 12 percent, assuming a regular, or ordinary annuity?

Revenue expenditures, Revenue expenditures 1. Are additional costs of plant...

Revenue expenditures 1. Are additional costs of plant assets that do not materially increase the asset's life or its productive capabilities 2. Are known as balance sheet expenditu

MAKING A PITCH, SAMPLES PITCH FOR AN ACCOUNTING ASSIGNMENTS

SAMPLES PITCH FOR AN ACCOUNTING ASSIGNMENTS

implied exchange rate between usd and gbp , You have been provided with th...

You have been provided with the following information on a fixed-fixed USD-GBP currency swap, the spot exchange rate between USD and GBP, and the USD and GBP yield curves: Fi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd