RESOLUTIONS OF CREDITORS

Normally, decisions at meetings of creditors are taken by ordinary resolution, viz., a resolution passed by a simple majority in value of creditors present, personally or by proxy, and voting on the resolution.

A special resolution, viz., a resolution passed by a simple majority in number and three-fourths in value of the creditors present and voting, is required:

(a) To appoint a trustee other than the Official Receiver in a small bankruptcy;
(b) To make an allowance to the bankrupt in a form other than money;
(c) To require the Official Receiver to remove a special manager.

Posted Date: 12/13/2012 12:12:45 AM | Location : United States

Ask an Expert

Related Discussions:- Resolutions of creditors-bankruptcy, Assignment Help, Ask Question on Resolutions of creditors-bankruptcy, Get Answer, Expert's Help, Resolutions of creditors-bankruptcy Discussions

Write discussion on Resolutions of creditors-bankruptcy
Your posts are moderated

Write your message here..

Related Questions

Decisions about managerial remuneration packages, Q. Decisions about manage... Q. Decisions about managerial remuneration packages? In recent years there has been an improved emphasis on decisions about managerial remuneration packages being removed from

Ifrs & gaap, Book :Accounting Research :Tools and Strategies • Facts: •... Book :Accounting Research :Tools and Strategies • Facts: • Sony is a Japanese multinational company that decided to expand its entertainment business in the United States. Sony

Continuous compounding, The excessive frequency of compounding is generally... The excessive frequency of compounding is generally continuous compounding where the interest is compounded immediately. The data for continuous compounding for one year is e APR

Forecast income statements, The forecast income statements are as follows: ... The forecast income statements are as follows: WORKINGS Sales = 50000 × 1·12 = $56000000 Variable cost of sales = 30000 × 1·12 × 0·85 = $28560000 Fixed cost of sa

Produce an adjusted purchases ledger account, Question: Andrew Hegel ma... Question: Andrew Hegel manufactures garments in his Malagasy Factory. In an effort to remain competitive he continually switches between suppliers.. This has resulted in extra

Which depreciation method would produce the higher npv, Wendy is evaluating... Wendy is evaluating a capital budgeting project that should last for 4 years. The project requires $ 800,000 of equipment. She is unsure what depreciation method to use in her anal

Designs income statement, Please use the information below to complete Form... Please use the information below to complete Form 1120S and the Schedule K-1%u2019s for Form 1120S. Blank forms can be found on the Hands-On Assignment page or in Doc Sharing. If y

Related party transactions, worked example for Professional examinations worked example for Professional examinations

rate of interest and discount rate, This is partly taken from a court case... This is partly taken from a court case where one of my colleagues was a witness. Suppose that an employee is terminated without cause and that she sues the company for compensation

estimate the total synergies, Dietz&Dow Industries (DDI) makes an unexpect... Dietz&Dow Industries (DDI) makes an unexpected takeover bid for Hein & Hillgen Instruments (HHI). DDI offers to pay $50 per share of HHI, which represents a 25% premium over the pr