First meeting of creditors-public examination, Financial Accounting

Assignment Help:

First Meeting of creditors

The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each creditor mentioned in the statement of affairs and by six days' notice in the Gazette.  He must send with the notice a summary of the statement of affairs, his own comments thereon, a form of proof, and details of any scheme proposed by the debtor. The debtor must be given three days' notice of the meeting.

The purpose of the meeting is to decide whether to accept a scheme of arrangement (if any) or to have the debtor adjudged bankrupt, and in the latter case to appoint a trustee and a committee of inspection.

Public examination

This is fixed by the court, on the application of the Official Receiver, as soon as is convenient after the time for submission of the debtor's statement of affairs Notice must be given to the debtor and the creditors and advertised in the Kenya Gazette and a local paper.

The debtor must attend, and must answer on oath all questions properly put to him about his affairs, even if the answers are incriminating.

If the debtor fails to attend or refuses to answer such questions, the examination may be adjourned sine die (indefinitely), and the debtor adjudged bankrupt forthwith.


Related Discussions:- First meeting of creditors-public examination

What is the monthly rate - annual rate, Suppose that the annual rate of int...

Suppose that the annual rate of interest is 4%. (a) What is the monthly rate? (b) Consider a 3-year lease on a car that is worth $20,000 today. The first payment on the lease

On January 7, On January 7, 2016, Captec Company purchased $4,175 of suppli...

On January 7, 2016, Captec Company purchased $4,175 of supplies on account . In Captec Company’s chart of accounts , the Supplies account is No. 15, and the Accounts Payable accoun

Calculate the net present value, You are a Senior Financial Manager in the ...

You are a Senior Financial Manager in the recently privatised Sodor Railway Engineering Corporation Plc (SREC). (a) Subsequent to privatisation the Chief Executive Officer of SR

What is the break-even sales, If fixed costs are $259,238, the unit selling...

If fixed costs are $259,238, the unit selling price is $112, and the unit variable costs are $63, what is the break-even sales (units)?

Ratio analysis, This subject has really beeen difficult for me. This is, by...

This subject has really beeen difficult for me. This is, by far, the most challenging assignment I have had to deal with. Please help! If someone can do it for me, that would be ev

Earnings and dividends per equity share, Whereas dividend may be of prime s...

Whereas dividend may be of prime significance to some equity shareholders, this may not be so for the other shareholders. Several shareholders may be interested in receiving a usua

Company accounts introduction, practical problems of chapter one of company...

practical problems of chapter one of company accounts

Shareholder value maximization framework , Shareholder value maximization ...

Shareholder value maximization framework The four key elements that affect the shareholder value of a company are Profitability Growth Risk Capital Mark

ACCOUNTING, Ask questiThe pre - closing general ledger trial balances at De...

Ask questiThe pre - closing general ledger trial balances at December 31,2019, for Baltimore company and its Atlanta tranche are shown belowon #Minimum 100 words accepted#

Group structures-group accounts, GROUP STRUCTURES A group structure is ...

GROUP STRUCTURES A group structure is the relationship between the holding company and its subsidiaries.  There are normally four main types of group structures (apart from the

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