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

What amount of goodwill, Blue sky Company's 12-31-13 balance sheet reports ...

Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, whi

Internal revenue service (irs), Explain:- Q.1 Explain the ways in which...

Explain:- Q.1 Explain the ways in which the needs of internal and external users of accounting information are the same and different. Q.2 Why is it important for financial sta

Illustration of double entry-branches, Illustration of double entry The ba...

Illustration of double entry The balances on the current accounts of a head office and branch were Ksh 698,000, before the transactions listed below: Normal 0

Describe the meaning and the purpose of financial instrument, Question A T...

Question A The key functions of financial system are to provide a link between savers and investors. What are the key functions of financial market Question B Describe the me

Illustration of head office records-branches, Illustration of Head office r...

Illustration of Head office records In order to provide a check that branch managers and staff deal properly with goods and cash passing through their hands, goods are normally

Illustrate the changing face of accounting, Illustrate the changing face of...

Illustrate the changing face of accounting Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons h

Accounting for investments, case laws

case laws

Cash budget, why good judgement is important when making budgeting decision...

why good judgement is important when making budgeting decisions

Settlement of liabilities-trustee account, SETTLEMENT OF LIABILITIES Wi...

SETTLEMENT OF LIABILITIES Wide powers of compromise are granted to trustees by the Trustee Act. Two or more trustees or a sole trustee, where authorised, may: 1. Pay or allow

Accounting objectives, Accounting objectives Accounting has two main ob...

Accounting objectives Accounting has two main objectives: To assist control over the assets and liabilities, and the income and expenditure of the enterprise; and To

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages