Agreements to settle property-bankruptcy and liquidation, Financial Accounting

Assignment Help:

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 unless it is proved:

That the settlement was made more than two years before the bankruptcy, or
That, at the date of the settlement the bankrupt was able to pay all his debts without the aid of the settled property, or
The agreement related to property expected to accrue to the bankrupt on the death of a named person and was made within three months of its coming into his possession.

Related Discussions:- Agreements to settle property-bankruptcy and liquidation

Partnership and sole trader, what are the advantage and disadvantage to mr ...

what are the advantage and disadvantage to mr fish, mr Lobster of forming a partnership rather than a close corporation or a company?

Describe the concept of full cost recovery with examples, Describe the conc...

Describe the concept of full cost recovery with illustrative examples.

one parameter exponential smoothing model, The following table represents ...

The following table represents the demand for a product for the years 1990 to 2007: a. Develop a linear trend line and use it to predict the quantity demanded for 2008,

Evaluating the investment using return on capital employed, Evaluating the ...

Evaluating the investment using return on capital employed: Annual depreciation charge = 1500000/5 = $300000 Average investment = 1500000/2 = $750000 Average annual

A gift of residue-will-executorship law and accounts, A gift of residue ...

A gift of residue Where property is not given by a specific legacy nor by a general legacy, it makes up the residue of the testator's estate. If the testator fails to make a g

Value added tax, 1. discuss how VAT system works by using relevant examples...

1. discuss how VAT system works by using relevant examples. 2. list and explain the VAT supply categories; provide relevant examples of each category. 3. provide a recommendation r

Explain what happens if a swap is used ineffectively, The key criterion for...

The key criterion for qualifying as a hedge is that the hedging relationship must be highly effective in achieving offsetting changes in fair values or cash flows based on the hedg

Necessary things for receivership-bankruptcy, Necessary things for Receiver...

Necessary things for Receivership If no power to appoint a receiver is given by the terms of issue, the trustee for the debenture holders, or a debenture holder acting on behal

Expense during 2013 on patent, In January, 2008, Sanford Corporation purcha...

In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten

Fraudulent preferences-fraudulent conveyances, Fraudulent preferences ...

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

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages