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

Homework help, I am needing homework help on my Principles to Accounting 1,...

I am needing homework help on my Principles to Accounting 1, but don''t know how much you guys charge

explain the concept of materiality, You have recently been promoted to ass...

You have recently been promoted to assistant audit manager in SHAUNA & Co, a firm of Chartered Certified Accountants. Your first assignment in this new role is to supervise the aud

Explain the auditing standards, Q. Explain the Auditing Standards? Audi...

Q. Explain the Auditing Standards? Auditing Standards - Guidelines to which an AUDITOR adheres. Auditing standards encompassauditor's professional qualities, as well as her or

Agreements to settle property-bankruptcy and liquidation, Agreements to set...

Agreements to settle property The trustee is not bound by such an agreement if it remains executory. If property has already been settled, the trustee can recover it unless it

Make journal entries required to dispose off, make journal entries require...

make journal entries required to dispose off over or under applied manufacturing overhead assuming it is allocated among work in process, finished goods and cost of goods sold ba

Show the investment appraisal method, Q. Show the investment appraisal meth...

Q. Show the investment appraisal method? The investment appraisal method is concerned with assessing the value of future cash flows compared to the cost of investment. Since fu

Explain about mutual fund, Q. Explain about Mutual Fund? Mutual Fund - ...

Q. Explain about Mutual Fund? Mutual Fund - Investment Companythat usually offers its shares to general public and invests the proceeds in a diversified portfolio of SECURITIES

#title.student., t account for equipment beg, bal 80,000 disposal 22...

t account for equipment beg, bal 80,000 disposal 22,000 acquisition-41,000 end bal. 99,600 acct. depreciation equip. disposa; 8,500 beg, bal 41,500

Ordinary annuity , Number of Periods of a one Payment a) If you deposit ...

Number of Periods of a one Payment a) If you deposit money today in an account that pays 7.5% yearly interest, how long will it take to double your money? b) What's the future

Prepare a post-closing trial balance, Ocean Atlantic Co. is a merchandising...

Ocean Atlantic Co. is a merchandising business. the account balances for Ocean Atlantic co. as of July 1, 2012 (unless otherwise indicated), are as follows: 110 Cash 63,600 1

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