Petition by creditor-bankruptcy, Financial Accounting

Assignment Help:

Petition by creditor

Any creditor including an assignee of a debt, may petition, provided:

The debt due to him amounts to at least Shs 1,000;
The debt is certain and is for a liquidated sum;
The petition is based on an act of bankruptcy committed within the previous three months.
The debtor is domiciled in Kenya, or within the previous year has ordinarily resided or carried on business.

A creditor whose debt is less than Shs 1,000 may petition jointly with other, if the aggregate of the debts is Shs 1,000 or more A secured creditor may only petition in respect of the balance unsecured unless he agrees to surrender his security.

Related Discussions:- Petition by creditor-bankruptcy

Net streams of payments, Swap - Financial contract in which 2 parties agree...

Swap - Financial contract in which 2 parties agree to exchange net streams of payments over a specified period. Payments are normally determined by applying different indices (for

Financial management, What can a financial institution often do for a defic...

What can a financial institution often do for a deficit economic unit (DEU)that it would have difficulty doing for itself if the DEU were to deal directly with an SEU?

Define current liability, The following items represent liabilities on a fi...

The following items represent liabilities on a firm's balance sheet: a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed. b. An a

Leverage or gearing ratios, Leverage or Gearing Ratios - These ratios inc...

Leverage or Gearing Ratios - These ratios include the Long Term Debt to Equity Ratio, Total Debt to Equity Ratio, Interest Coverage Ratio. Here, the interest coverage ratio is al

Earnings per share, Rockland Corporation earned net income of $346,500 in 2...

Rockland Corporation earned net income of $346,500 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $924,000 of 10% bon

Return on investment, explain in detail return on investment

explain in detail return on investment

Definition of bankruptcy, DEFINITION OF BANKRUPTCY Bankruptcy is another ...

DEFINITION OF BANKRUPTCY Bankruptcy is another key area of accounting . The issues addressed here deal with the properties of an individual (a sole trader or partner in a partner

Design an asset allocation for the superannuation fund, Your task in this a...

Your task in this assignment is to design an asset allocation for the superannuation fund of an individual who is investing to fund his retirement. The asset classes under consider

Short-term creditors, Short-term Creditors: Bankers and another short-ter...

Short-term Creditors: Bankers and another short-term creditor have an interest same to those of the debenture holders and equity shareholders who are interested in the profitabil

Macrs depreciation system, Real estate depreciated under MACRS rules is sub...

Real estate depreciated under MACRS rules is subject to cost recovery using a mid-year convention. Mike converted his personal residence (acquired in 2001) to rental property th

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages