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

Bond''s yield to maturity, A 15-year, 14% semiannual coupon bond with a par...

A 15-year, 14% semiannual coupon bond with a par value of $1,000 may be known as in 4 years at a call price of $1,075. The bond sells for $1,050. (Suppose that the bond has just be

Pv ratio, assignment ofr p V RATIO ANALYSIS

assignment ofr p V RATIO ANALYSIS

What is the cash flow from assets for 2010, The following question are base...

The following question are based on above table:- Question 1 What is the change in net working capital from 2009 to 2010? Question 2 What is net capital spending for 20

Classifying expenses by nature-income statement, Classifying expenses by na...

Classifying expenses by nature Under this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of ex

Prepare journal entries to record the transactions, On January 1, 2010, And...

On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued

Prepare a cash budget, The following information for the six months ended 3...

The following information for the six months ended 31 December 2009 relates to the business of Mr N Morris: a) Opening cash (including bank) balance Rs 1,200 b) Production in unit

A prior period adjustment, Q. A prior period adjustment that corrects incom...

Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.

The surplus capital method-partnership, THE SURPLUS CAPITAL METHOD Unde...

THE SURPLUS CAPITAL METHOD Under this method, the initial amounts repaid to partners are in order to reduce their capitals to amounts such that these are now in the same ratio

Analyse the main sources of finance , Consider a multinational listed compa...

Consider a multinational listed company that has recently carried out an acquisition. You may also select a company that carried out an acquisition long ago as long as there is inf

Prepare a direct materials purchases budget, Question: Mosman Ltd produ...

Question: Mosman Ltd produces a single product. The projected sales for the first month of the coming year and the beginning and ending inventory data are as follows:

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