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

Legal practice, Trust - Ancient legal practice where one person (GRANTOR) ...

Trust - Ancient legal practice where one person (GRANTOR) transfers the legal title to an ASSET, known as principal or corpus, to another person (the TRUSTEE), with specific instr

Calculate the sales needed to earn a profit of 20% on sales, Question: ...

Question: The following data are obtained from the record of a factory: £ £ Sales 4,000 units @ £2

Determine the cost of capital and risk free rate, Instructions: The ...

Instructions: The case should be done in your assigned groups. Hand in a brief write-up not exceeding two pages explaining what was done. In April 198

Importance of recognition revenue, mportance of recognition revenue..

mportance of recognition revenue..

Tracing trust property-breach of law-trusts laws , Tracing trust property ...

Tracing trust property Apart from suing the trustee, in the event of a breach of trust, the beneficiary may follow the trust property and recover it from third parties, or the p

Goodwill, GOODWILL This is defined as “the difference between the value o...

GOODWILL This is defined as “the difference between the value of a business as a whole and the fair value of its net separable assets”. Goodwill in practical sense is the advant

Expected net cash flows resulting from the digger, Sigma is thinking about ...

Sigma is thinking about purchasing a new clam digger for $14,000. The expected net cash flows resulting from the digger are $9,000 in year 1, $7,000 in year 2, $5,000 in year 3, an

Illustration of retirement of a partner, Illustration of Retirement of a pa...

Illustration of Retirement of a partner A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st

Very difficult financial account question, Ask questSarah is the sole distr...

Ask questSarah is the sole distributor agent in her area for Holmes Kitchen Tiles. Sarah purchases the titles at a trade discount and annually in May receives an agency commission

Primary business activities - capital resources, Create a description of yo...

Create a description of your company and its primary business activities. Include: a) A brief historical summary b) The lines of business the firm is engaged in (Is the compa

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages