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

Calculate the risk premium , Question: Zelo, Inc. stock has a beta of 1... Question: Zelo, Inc. stock has a beta of 1.23. The risk-free rate of return is 4.5% and the market rate of return is 10%. What is the amount of the risk premium on Zelo stock?

What are the advantage of limited liability, What are the Advantage of limi... What are the Advantage of limited liability Advantage of limited liability, though, imposes certain obligations on such companies. To start up a limited company, documents of i

Balance sheet and income statement, The balance sheet and income statement ... The balance sheet and income statement for Bingle Ltd is presented to you as follows: Balance Sheet Extract as at 30 June 2012 with comparatives

Define accounting, Question 1 Define Accounting. Briefly explain the ‘Enti... Question 1 Define Accounting. Briefly explain the ‘Entity Concept' and ‘Money Measurement Concept' of accounting Question 2 What is rectification of errors? List and explain the

Explain about financial accounting standards, Q. Explain about Financial Ac... Q. Explain about Financial Accounting Standards? Financial Accounting Standards - Official promulgations, also called STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS, by FINANCIAL

What is the minimal variance, Consider the expected return and standard dev... Consider the expected return and standard deviation of the following two assets: Asset 1: E[r1]=0.1 und σ1=0.3 Asset 2: E[r2]=0.2 und σ2=0.4 (a) Draw (e.g. with Excel) the

Statement of cash flows, Statement of Cash Flows - A statement of cash flow... Statement of Cash Flows - A statement of cash flows is one of the fundamental financial statements which is required as part of a complete set of financial statements prepared in c

The adjusting entry, The company pays its employees at the end of the day F... The company pays its employees at the end of the day Friday for work done during that five-day work-week. Total wages for a week are $16,000. In the current year, December 31 occur

HELP!, How do you know what goes on an income statement? P.S. This is a bas... How do you know what goes on an income statement? P.S. This is a basic income statement.

The statement of changes in equity-financial statement , THE STATEMENT OF C... THE STATEMENT OF CHANGES IN EQUITY This is a very important report because it explains the movements in the shareholder funds during the year and also acts as a link between the