Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Effect of bankruptcy
A D of A made for the benefit of creditors generally will be an act of bankruptcy and therefore a bankruptcy petition may be presented against the debtor within 3 months of its execution by a creditor who has not assented to the D of A (but if such creditor has been served by the trustee under the D of A with a notice of the execution of the D of A the time is reduced to 1 month). The trustee should therefore not act under the D of A for 3 months after its execution unless all creditors have assented to it because if the debtor becomes bankrupt the D of A will be void and the doctrine of relation back will apply, the trustee having to account to the trustee in bankruptcy for all dealings with the debtor's property; however all expenses properly incurred by the trustee of the D of A in the performance of his duties must be paid to him by the trustee in bankruptcy as a first charge on the estate.
Normally if a D of A is void the trustee under the D of A must account for dealings with the debtor's property even if a bankruptcy petition is presented after the lapse of 3 months from the D of A. But, in the latter event, if the D of A is void by reason only that(a) The requisite assents from the creditors have not been obtained or(b) In the case of a D of A for the benefit of three or more creditors, by reason only that the debtor was insolvent at the time of the execution of the D of A and that the D of A was not registered in accordance with the DAA and the trustee did not know and had no reason to suspect that it was void, the trustee is not liable to account for dealings with the debtor's property which would have been proper had the deed been valid.
The Schrödinger Science Store operates a retail store in a local shopping mall.The results of operations for the fourth quarter of 2011 are as follows: Sales
$in million Pepsi Coca cola Net cash provided by operating activities $6,796 $8,186 Average current liability 8,772 13,355 Average total liability 22,909 21,491
Q. Show the Management Report? Management's Report - Management is essential to include in its annual report its assessment of the effectiveness of the company's internal contr
Q. Decisions about managerial remuneration packages? In recent years there has been an improved emphasis on decisions about managerial remuneration packages being removed from
Dividends out of the capital profits Dividends out of the capital profits are apportioned on the same basis as dividends out of income (Re. Doughty). (a) Variation of sec
a) Your company is planning to take $1,750,000 on a 3-year, 10%, annual payment, fully amortized term loan. What fraction of the payment made at the end of the second year will sho
Enumerate the characteristics of accounting information Qualities, or characteristics, which have just been depicted would help us to decide whether accounting information is p
Can I send you my homework?
Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding
calculate the ratios of the company called ''Apple''
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd