Settlement of liabilities-trustee account, Financial Accounting

SETTLEMENT OF LIABILITIES

Wide powers of compromise are granted to trustees by the Trustee Act. Two or more trustees or a sole trustee, where authorised, may:
 
1. Pay or allow any claim on any evidence they think sufficient;

2. Accept a composition or a security, real or personal, for any claim;

3. Allow any time for payment of a debt;

4. Compromise, compound, abandon, submit to arbitration, or otherwise settle a claim.
 
For these purposes they may enter into any agreement or arrangement, or do any other thing as seems expedient, without liability for any loss incurred while acting in good faith S.16.

Posted Date: 12/14/2012 12:03:28 AM | Location : United States







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