Secured creditors-bankruptcy and liquidation, Financial Accounting

SECURED CREDITORS

A secured creditor may:

  • Rely on his security and not prove at all.
  • Surrender his security and prove for the full amount of the debt.
  • Realise his security (if he has a power of sale) and prove for the balance; or
  • stimate the value of his security and prove for the balance.

 

 

He must disclose the security in his proof or surrender it to the trustee unless the court grants relief. If the creditor estimates his security

  • If proof used for voting purposes trustee may within 28 days require him to give up security on payment of its estimated value plus 20% or amount at which revalued by creditor;
  • If valued for dividend purposes trustee may redeem it at any time by paying its assessed value or if dissatisfied with valuation require security to be sold;
  • He may by writing, require trustee to redeem security or have it realised, and if trustee does not do so within six months property vests absolutely in creditor;
  • He may amend valuation and proof at any time unless he has called upon trustee to redeem it;
  • He may realise security and amend his proof accordingly.

 

Posted Date: 12/13/2012 1:08:56 AM | Location : United States







Related Discussions:- Secured creditors-bankruptcy and liquidation, Assignment Help, Ask Question on Secured creditors-bankruptcy and liquidation, Get Answer, Expert's Help, Secured creditors-bankruptcy and liquidation Discussions

Write discussion on Secured creditors-bankruptcy and liquidation
Your posts are moderated
Related Questions
AFTER-ACQUIRED PROPERTY All property acquired by the bankrupt between the commencement of bankruptcy and his discharge passes to the trustee, except as stated above and below. (

Hi, I want to join expert mind as an accounting and financial expert and earn some money herein, can you please let me know the procedure and other requirements. Rahul Jhunjhunwal

Assume you hold a diversified portfolio having of a $7,500 investment in every of 20 different common stocks. The portfolio's beta is 2.15. Now, assume you sell one of the stocks w

A company declared a $.50per share cash dividend on December 1,2013. The Company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. Pr

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

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

Personal Property - Movable property which isn't affixed to land (REAL PROPERTY). Personal property comprises tangible items likecars, cash and computers and intangible items, like


Can you do the attacched quections by Monday?

If I bought a 10 year bond five years ago for 936.05. The bons make semiannual coupon payments at a rate of 8.4%. If the current price of the bonds is 1,048.77, what is the yield e