Proof of debts, Business Law and Ethics

Assignment Help:

PROOF OF DEBTS:

                                      Many of the rules of bankruptcy apply to the discharge of the company's debts: s.310.  The liquidator must obviously require satisfactory evidence that a creditor's claim is properly admissible as a liability.  This is done (where necessary) by a procedure for "proof of debts".

If the company is solvent every kind of debt which is legally enforceable may be admitted.  If it is insolvent unliquidated claims in tort are not admissible.  But the injured party may be permitted to bring an action against the company in tort so that his claim may be converted by the award of damage into a liquidated sum so long as it is liquidated when the claimant comes into prove.


Related Discussions:- Proof of debts

Determine in detail about the money market, Determine in detail about the m...

Determine in detail about the money market Prior to the change in monetary policy both countries are assumed to be in equilibrium at point A in both of these diagrams. Only at

Name the types of state immunity, Name the Types of  state  immunity ...

Name the Types of  state  immunity The state  immunity  is  categorized  into  two:  A) Absolute  immunity   B) Restrictive immunity.

Employement Contract, I have a contract for employment, its is for a CTO po...

I have a contract for employment, its is for a CTO position, giving me equity stake in the company, I do not agree with the offer and I have a counter offer, I need a experts opini

Compensation for removal - company management, Compensation for Removal: ...

Compensation for Removal: Subsection (6) provides that nothing in s.185 shall be taken as depriving a removed director of compensation or damages payable to him in respect of

Contents of group accounts, Contents of Group Accounts: By s.152(1), t...

Contents of Group Accounts: By s.152(1), the group accounts laid before a company shall give a true and fair view of the state of affairs and profit or loss of the company and

Tort law assignment help: causation, The second factor which is necessary f...

The second factor which is necessary for a claimant to impose claim on other person is to have a cause for the action taken by him. Hence it is important to have a proper link betw

Liability in tort, Liability in Tort A partner commits a tortious act ...

Liability in Tort A partner commits a tortious act so then the remaining partners are jointly and hence severally liable with him, thus provided they authorised such the act e

Discuss alternative dispute resolution, QUESTION 1 Nowadays, many peopl...

QUESTION 1 Nowadays, many people are opting for Alternative Dispute Resolution (ADR) as a means to settle commercial disputes due to its advantages. Discuss QUESTION 2

How can consent be vitiated in relation to contracts, QUESTION 1 (a) Wh...

QUESTION 1 (a) What are the essential elements for a valid contract as stipulated by article 1108 of the Civil Code (CCM)? (b) How can consent be vitiated in relation to con

Define the nuclear law of international law, Nuclear law The importance...

Nuclear law The importance of international law relating to nuclear law lies in the fact that it regulates, conducts and prohibits the use of nuclear weapons. The United Nation

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