Right of indemnity-renumeration of trustee, Financial Accounting

Right of indemnity

If the Official Receiver or trustee has seized or disposed of any property in the possession of the debtor, without notice or claim relating thereto, he is not personally liable to any person having a claim against that property, unless the court is of opinion that he has been negligent.

Renumeration of trustee

This is fixed by ordinary resolution of the creditors, or by the committee of inspection. It takes the form of a commission payable partly on the amount realised by him less sums paid to secured creditors, and partly on the amount distributed as dividend. The court may fix the amount at the request of one-fourth in number or value of the creditors or of the bankrupt, if satisfied that the agreed amount is too large. If the trustee receives any other payment he loses all right to remuneration.

Posted Date: 12/13/2012 12:06:46 AM | Location : United States







Related Discussions:- Right of indemnity-renumeration of trustee, Assignment Help, Ask Question on Right of indemnity-renumeration of trustee, Get Answer, Expert's Help, Right of indemnity-renumeration of trustee Discussions

Write discussion on Right of indemnity-renumeration of trustee
Your posts are moderated
Related Questions
how to prepare the accounts when goodwill is not to be maintained in the books

ABATEMENT OF LEGACIES (a) If the assets, after the payment of debts, necessary expenses and specific legacies, are not sufficient to pay all the general legacies in full, the l

1-Dec $92,000.00 of 5% bonds are purchased with check. Interest is paid once a year and will mature in 5 years. The market yield for these bonds is 4%.

Create a description of your company and its primary business activities. Include: a) A brief historical summary b) The lines of business the firm is engaged in (Is the compa

1. From your review of note 3.7, how does the company determine whether a sale has occurred? 2. Using the consolidated income statement and consolidated statement of financial p

Q. What are Junk Bonds? Junk Bonds - DEBT SECURITIES issued by companies with higher than normal credit risk. Considered ‘non-investment grade' bonds, these SECURITIES ordinari

Personal Financial Specialist (PFS) - CERTIFIED PUBLIC ACCOUNTANT who specializes in PERSONAL FINANCIAL PLANNING and completes a series of requirements which compriseexperience, ed

what are five modern financialaccounting techniques

APPLICATION FOR GRANT 1) An application for a grant of representation ("representation" means the probate of a will or the grant of letters of administration) is made in such a

Which of the following statements is FALSE of Just-In-Time (JIT) manufacturing systems? Answer Demand pull means a closer relationship with the customer. The power of supp