Consequences of adjudication-adjudication of debtor, Financial Accounting

Assignment Help:

Consequences of adjudication

The consequences of the making of the adjudication order are:

1. The order must be advertised in the gazette and a local paper;

2. The ownership of the debtor's property vests in the trustee in bankruptcy;

3. The debtor must not obtain credit for shs 100 or more without informing the creditor that he is an undischarged bankrupt; credits under shs 100 can be added together to make this offence r v. Hartley (1972);

4. The debtor must not engage in any trade or business under a different name without disclosing the name under which he was adjudicated;

5. The debtor cannot act as a company director or take part in the management of a company except by leave of the court;

6. The debtor cannot act as a receiver or manager of the property of a company unless appointed by the court;

7. The debtor cannot be appointed or act as a justice of peace or be elected to or hold the office of mayor or member of local authority council, school committee or road board: this disqualification operates for five years after discharge unless he obtains a certificate of misfortune or the bankruptcy is annulled.


Related Discussions:- Consequences of adjudication-adjudication of debtor

DEPRECIATION, HOW TO CALCULATE SINKING FUND METHOD

HOW TO CALCULATE SINKING FUND METHOD

Prepare a partial balance sheet, On December 31, 2014, Santana Company has ...

On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a re

Straight-line depreciation, Straight-Line Depreciation - ACCOUNTING method ...

Straight-Line Depreciation - ACCOUNTING method which reflects an equal amount of wear and tear during every period of an ASSET'S useful life. For example annual STRAIGHT-LINE DEPRE

Revocation, Revocation, alteration and revival of a will 1. A will may ...

Revocation, alteration and revival of a will 1. A will may be revoked or altered by the maker of it at any time when he is competent to dispose of his free property by will.  (

Funding the investment by an issue of ordinary shares, Funding the investme...

Funding the investment by an issue of ordinary shares could tender several advantages to Springbank plc. Gearing would drop to 47% (3·5/7·4) fewer than half of the sector average o

Real estate investment trust, Real Estate Investment Trust (REIT) - Investo...

Real Estate Investment Trust (REIT) - Investor-owned TRUST that invests in real estate and, in place of paying income tax on its income, reports to each of its owners her or his pr

Pre-adjustment, security service= R38570 the annual security services contr...

security service= R38570 the annual security services contract has been taken out on 1 March 2012. The fee was increased by 10% from january 2013 and the fee has already been paid

Financial management, Discuss the applicability of the operating cycle in p...

Discuss the applicability of the operating cycle in poultry (consider broilers)

Content of accounts-trusts accounts, Content of accounts Periodical acc...

Content of accounts Periodical accounts should normally consist of:         1.    Balance sheet of the whole trust;         2.    Capital account;         3.    Income account

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd