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UNSECURED ORDINARY DEBTS:
A secured creditor obtains payment (to the extent that his security is adequate i.e. if it exceeds in value the amount owing to him) because he has a valid prior claim to that security. Unsecured creditors are paid out of the remaining assets, i.e. the aggregate of:(a)any surplus value obtained by secured creditors in realising the assets which are their security and paid over to the liquidator, and(b)any assets which are not subject to charges given to secured creditors.But two special claims have to be given their due priority, i.e.(a)costs of winding up including the legal expemses and liquidator's remineration, and(b)preferential unsecured debts.
QUESTION 1 Mr. Smith is going for his driving test at the Traffic Branch of the police force in Port- Louis. On his arrival, he approaches Police Constable Edouard to facilitat
PROTECTION OF CREDITORS: Where the reduction of capital involves diminution of unpaid capital or repayment to shareholders of paid-up capital, creditors have a statutory right
Theories of international antitrust coordination We have come across various policy coordinations and adjustments but still there are other spheres of affairs where direct poli
1. Indicate whether the following statements are true or false and briefly explain your answer. a. Actions by government to increase spending and by the central bank to increase
Complaints made against the auditors: These are the most simple principles that such have to be applied to cases of this description. I protest, however, against the notion
Explain what are the primary & secondary sources of information that you can use to conduct your research. If it is primary/secondary, or both state reasons for your answer.
Group Accounts: S.150(1) provides that if, at the end of its financial year, a company has subsidiaries, then it must include in its annual accounts "group accounts" dealing w
Register of Directors' Shareholdings: Section 196(1) requires every company to keep a register showing the number, description and amount of any shares or debentures which are
Question 1: (a) A contract is valid as soon as the parties agree on its terms. According to you, is this statement correct? Justify your answer with the relevant enactment/cas
Amount of compensation payable: In CLARK V URQUHART (44) the court explained that the amount of compensation payable under S.45 of the Act is calculated or measured in the sam
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