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

Financial assistance for purchase of own shares, Financial Assistance For P...

Financial Assistance For Purchase Of Own Shares: i) Financial Assistance For Purchase Of Own Shares S.56 (1) of the Act renders it unlawful for a company to give there wher

Who uses private welfare, QUESTION 1 Why is the United States, which is ...

QUESTION 1 Why is the United States, which is a leader country in so many areas, so far behind in the provision of social welfare benefits? QUESTION 2 (a) Who uses private

Define the reflect relative policy stance, Define the reflect relative poli...

Define the reflect relative policy stance We assume that contributions reflect relative policy stance, then the policy positions are perceived only noisily and we get only expe

Publication, PUBLICATION: Whether in section 46(3) of the constitution...

PUBLICATION: Whether in section 46(3) of the constitution states that like, upon a Bill that has been passed through the National Assembly being presented to the President for

Committee of inspection - winding up, Committee of Inspection:        ...

Committee of Inspection:                                       A committee of inspection is appointed in a compulsory liquidation and in a creditors' voluntary liquidation. It

Explain causation, Explain the Causation, Remoteness and Contributory Negli...

Explain the Causation, Remoteness and Contributory Negligence in short. Causation: When the accident was going to occur anyway then causation is not proved, which is a third

Termination of an offer - revocation, Termination of an Offer - Revocation ...

Termination of an Offer - Revocation Such offer is "revoked" whether the offeror changes his thinking and withdraws it as for expressly or impliedly.  However to be valid suc

Appropriate method adopted is to make new laws, Appropriate method adopted ...

Appropriate method adopted is to make new laws The more appropriate method adopted is to make new laws in compliance with the international laws because it would not only help

Explain importance of jurisdiction, Explain importance of Jurisdiction ...

Explain importance of Jurisdiction Jurisdiction is  an  important  and  extensive concept  referred  to  and  used  very  frequently in international law. It provides clear n

Legal differences between a custodian and managing trustee, QUESTION 1 ...

QUESTION 1 Discuss the possible defences available to a trustee in proceedings for breach of trust QUESTION 2 Consider the legal differences between a custodian and a m

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