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!
Avoidance of Floating Charges:
Under s.314 liquidation automatically renders void any floating charge created within the period of 12 months before commencement of liquidation subject to the following exceptions:
(a) valid if the company was solvent at the time when the charge was created. A company is not solvent unless it can pay its debts in full as they fall due;
(b) if the company was not solvent the floating charge is still valid as security for cash paid to the company (with interest at six per cent per annum) after the charge was created and in consideration of the loan.
The general purpose of the rule is to prevent an unsecured creditor of an insolvent company from getting advantage over other creditors by obtaining a floating charge to secure an existing debt at a time when the company is heading towards insolvent liquidation. It is only the charge (as security) not the debt itself which becomes void.
Accounts to be Annexed to Balance Sheet: By S.156 (1) the profit and loss of account, and, thus far as not incorporated in the balance sheet or profit and loss of account, any
Fraudulent preference - liquidator: When a transaction is void as a fraudulent preference any charge created is void and any cash paid or property transferred by the company
Right to sell - Terms used in Contract With S.14 (a) provides that there is an implied condition such seller has a right for sell the goods and, like in the case of an agreeme
Munsami was driving his car registration number CB 713 from Nausori to wards Suva. He was travelling at 80kmph on 50kmph zone. At koronivia a taxi driven by Ram Raji of Koronivia,
Termination of an Offer - Revocation Such offer is "revoked" whether the offeror changes his thinking and withdraws it as for expressly or impliedly. However to be valid suc
General Partner - Liability of Partners The General partner's liability extends for the whole of the debts to the partnership. Thus he is jointly with the other partners. Conv
Bazil decided to celebrate a promotion he had received at work that week by having a few alcoholic drinks on the weekend. After a few hours spent in the local pub, Bazil decided he
Criminal Appeal - District Magistrate's Court Therefore in Section 10(1) of the Magistrate's Courts Act gives that any person that who is convicted of an offence on the trial
Humungus Retailing Co is a large retailing organization that has expanded rapidly over the last 2 years. It now has some 50 high street outlets each employing a small core of ful
What are the important provisions of the Statute of ICJ Some of the important provisions of the Statute of ICJ are: Article 34 which states that only states and not the in
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: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd