Registration of deeds of arrangement and assent of creditors, Financial Accounting

Registration of a D of A and assent of creditors

A D of A will be void unless it is registered with the Registrar within 7 clear days after first execution and is properly stamped.

Within 21 days after registration a deed for the benefit of creditors generally must be assented to by a majority in number and value of the creditors concerned. This assent can be given by the creditor signing the D of A or by signing a separate deed of assent. Further, the trustee appointed by the deed must file a statement that the necessary majority of creditors have assented to the deed. This declaration must be filed within 28 days after the D of A itself was registered.

Posted Date: 12/13/2012 1:34:55 AM | Location : United States







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