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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.
Ely purchased a patent (with a remaining legal life of ten years) from Backo on January 1, 2010 for $300,000. Ely expected to use the patent for five years. The carrying value on B
SMALL BANKRUPTCIES The court may order the estate of a debtor to be administered summarily, if the debtor's assets are not likely to exceed Shs 12,000 in value. This is known
The following information for the six months ended 31 December 2009 relates to the business of Mr N Morris: a) Opening cash (including bank) balance Rs 1,200 b) Productio
Q. What is Completion Report? The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A com
trading a/c,p/l a/c and balace sheet
Provisions of the Partnership Act In the event of absence of a partnership agreement/deed or in the event of ambiguity therein, the provisions to the partnership Act will apply
Q. What is Bequest? Bequest - A gift by will of personal property. If bequest is money to the extent it's paid out ofincome from property it is taxable to the recipient. Normal
IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTEREST GOES ON WHICH SIDE- DEBIT OR CREDIT ?
Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup. - Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to sp
What is the implications of applying accounting concepts wrongly?
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