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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.
Effect of bankruptcy A D of A made for the benefit of creditors generally will be an act of bankruptcy and therefore a bankruptcy petition may be presented against the debtor w
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
how does the concept of consistency aid in the analysis of financial system?
Case study Josephine Josephine has just landed her first job out of graduate school. She is lucky enough to be working for one of the Big Four, earning $50,000 per year. S
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Accounts of trustees The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of insp
Received 10,000 contribution from bill london in exchange for common stock What 2 accounts are used
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Terms of Trade Doe Ltd must negotiate agreed terms of trade with its customers in order to encourage prompter payment. These terms of trade may tender discounts for early paymen
Disclaimer The liquidator may disclaim onerous property consisting of: 1. Land burdened with onerous covenants; 2. Stocks and shares; 3. Unprofitable contracts, or 4.
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