Effect of receiving order, Financial Accounting

Assignment Help:

Effect of receiving order

The consequences of the making of the receiving order are:

The debtor retains ownership, but loses possession and control of his property;
The official receiver becomes receiver of the debtor's property;
No legal proceedings may be brought in respect of provable debts except by leave of the court;
Transactions subsequently entered into by the debtor are prima facie invalid;
The receiving order must be advertised in the gazette;

Related Discussions:- Effect of receiving order

Control accounts, #question.how a contra might arise.

#question.how a contra might arise.

Fraudulent preferences-fraudulent conveyances, Fraudulent preferences ...

Fraudulent preferences The trustee can set aside any transaction effected within the six months preceding the presentation of the petition in circumstances such as to make it

Vat, recommendation regarding the current south African vat system

recommendation regarding the current south African vat system

Different powers of investment-trust laws and accounts , Powers of investme...

Powers of investment 1. Shares and debentures: A trustee may: Invest in bearer securities if these would otherwise be authorised; Acquiesce in an amalgamation

Give reasons why both options should be used, Apple Corporation has been he...

Apple Corporation has been hearing complaints from some shareholders about returning some of the $150 billion in cash that the corporation has. Some shareholders think a large divi

Assembly of financial statements, Q. Assembly of Financial Statements? ...

Q. Assembly of Financial Statements? Assembly of Financial Statements -Providing of various accounting or data-processingservices by an accountant, output of which is in the fo

How do u find the retained earnings?, How do i find the retained earnings? ...

How do i find the retained earnings? What is the formula to find retained earnings? What is the retained earnings? Accounts payable $ 5,000 Notes payable $ 7,000 Accounts receivabl

Find out the current dividend per share, Find out the Current dividend per ...

Find out the Current dividend per share: Data Stock price = $ 65 Return = 11% Dividend Yield = 11/ 2 = 5.5 % (given) Formula: Dividend in one year = divid

Prepare a post-closing trial balance, As a recently hired accountant for a ...

As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize

The garraty company, The Garraty Company has two bond issues outstanding.Bo...

The Garraty Company has two bond issues outstanding.Both bonds pay $100 yearly interest plus $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages