Resolutions of creditors-bankruptcy, Financial Accounting

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







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
Related Questions
If revenue=£92 million, purchase costs=£48 million and operating costs=£41 million, and if working capital days are 39 for inventory and 110 for accounts payable, what is the worki

how do we calculate bonus issu4 and rights issue

Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporat

Q. Explain bonus or capitalisation issues? A rights issue is a approach of raising finance via the issue of shares to existing equity shareholders. Consecutively to make such a

1. Briarcrest Condiments is a spice-making firm. Recently, it developed a new process for producing spices. The process requires new machinery that would cost $2,218,246. have a

depreciation in question is given more and in adjustment is less. What would be in the profit and loss account?

Financial ratio analysis Financial ratio analysis is a statistical tool that measures the relationship between two financial figures. It invol

Determine out the future value of Rs.1000 compounded yearly for 10 years at an interest rate of 10 percent. Solution: The future value 10 years thus would be FV = PV (1+k)

examine the resemblance between Artificial intelligence and neural networks

Q. Compute the present value? The offer for the manufacturing rights is for a ten-year period. Annual after-tax cash flow after Year 4 = $660000 Present value of this c