Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
AFTER-ACQUIRED PROPERTYAll property acquired by the bankrupt between the commencement of bankruptcy and his discharge passes to the trustee, except as stated above and below.(a) Rule in Cohen v Mitchel:Property acquired by the bankrupt after adjudication may be validly transferred by him to a third party taking in good faith and for value, before the trustee has intervened to claim the property; the bankrupt must then account to the trustee of the consideration received.
Payments to or by a banker are deemed to be for value for this purpose, but a banker who discovers that a customer is an undischarged bankrupt must not make payments out of his account without informing the trustee of its existence and seeking his instructions.(b) Salary and other income:The bankrupt's income from whatever source, passes to the trustee, unless otherwise provided by statute as, e.g. in the case of certain pensions.In respect of personal earnings, however the bankrupt is entitled to keep sufficient for the maintenance of himself and his family.The trustee can apply to the court for any periodical payments due to the bankrupt to be paid directly to himself.(c) Subsequent bankruptcies:If an undischarged bankrupt is adjudicated for a second or further time, property acquired by him after the first adjudication vests in the trustee in the subsequent bankruptcy, unless it had been distributed at the time the subsequent petition was presented.A trustee having notice of a subsequent petition must retain after-acquired property in his possession for transfer of the trustee in the subsequent bankruptcy, and may prove for its value in that bankruptcy.
evaluate the importance of leverage in financial management of a small scale company
Mason Co. issued $860,000 of 5 year, 13% with interest payable semiannually, at a market (efffective) interest rate of 12% Determine the present value of the bonds payable, using t
assets&what are the different type of asset
what is the accounting procedure for a warranty provision?
The forecast income statements are as follows: WORKINGS Sales = 50000 × 1·12 = $56000000 Variable cost of sales = 30000 × 1·12 × 0·85 = $28560000 Fixed cost of sa
statement showing surplus capital solution
explain inflationary accounting
worked example for Professional examinations
1. Lett Corp declared and issued a 15% stock dividend when they had 100,000 shares of common stock issued and outstanding. The market price of the stock was $20 per share on the de
On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd