Property transferred before bankruptcy, Financial Accounting

Assignment Help:

PROPERTY TRANSFERRED BEFORE BANKRUPTCY

(a) Voluntary settlements:
The trustee can claim all property settled by the bankrupt on other persons within two years preceding the bankruptcy

(b) Agreements to settle property:
The trustee is not bound by such an agreement if it remains executory. If property has already been settled, the trustee can recover it

(c) Fraudulent preferences:
The trustee can set aside any transaction effected within the six months preceding the presentation of the petition in circumstances such as to make it a fraudulent preference, i.e., a voluntary transaction by an insolvent person in favour of a creditor, or his trustee, with the dominant intention of giving the creditor or a surety, a preference over the other creditors.

(d) Fraudulent conveyances:
The trustee may set aside a transfer of property made by the bankrupt before the commencement of bankruptcy with the intention of defrauding creditors, unless the transferee took the property for good or valuable consideration, in good faith and without notice of that intent.

The trustee cannot recover property in any of the above cases which has been further transferred to a person taking in good faith and for value.


Related Discussions:- Property transferred before bankruptcy

What do you understand by measurement date in stock option, Q. What do you ...

Q. What do you understand by Measurement Date in stock option? Measurement Date - The date at which equity share price and other pertinent factors, like expected volatility tha

Bookkeeping, #explain the accounting cyclequestion..

#explain the accounting cyclequestion..

What amount did spear receive from the bond issurance?, On July 1, 2010, Sp...

On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem

Khyber bank, how we write a literature review

how we write a literature review

Wider-range investments-accounts under trustee, Wider-range Investments ...

Wider-range Investments (Requiring advice in writing from a properly qualified person) Quoted shares of a company with a paid-up capital of not less than Shs10m and has

Investment tax credit, 1.Assume that Abel business corporation is purchasin...

1.Assume that Abel business corporation is purchasing new equipment, for 350,000$ at the beginning of 2014. Assume that Abel business corporation is in the 30% corporate tax bracke

Efficiency ratios, Efficiency Ratios - These ratios include Receivables T...

Efficiency Ratios - These ratios include Receivables Turnover, Inventory Turnover, Asset Turnover and Net Working Capital Turnover ratios. Efficiency ratios demonstrate the utili

Prepare the income statement and balance sheet, Below is the Trial Balance ...

Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011.  Previous period's information were as follows: net receivables, $290,000 and inventory, $82

Periodic inventory system, Under this system all stock levels are reviewed ...

Under this system all stock levels are reviewed after fixed time duration, depending upon the significance of the item. Imported items may need a shorter review cycle, while slow m

What are the cash collections in sept. from accounts rec.?, Wright Corporat...

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $243,339, $313,087, and $415,174, respectively

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