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Presentation and hearing
The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he must give notice of that fact and the reasons for his opposition at least three days before the hearing. The court may dismiss the petition if the creditor fails to prove
Otherwise it may stay the proceedings on such terms as it thinks fit, or make a receiving order against the debtor.
Necessary things for Receivership If no power to appoint a receiver is given by the terms of issue, the trustee for the debenture holders, or a debenture holder acting on behal
IFRS guidelines IFRSs Gives the guideline on the content and the accounting statements of certain events and transactions in the financial statements. The following IFRSs are r
Piecemeal Realizations and Distributions Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultane
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; Th
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