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.
Explain Recognition of States pertains Recognition of States pertains to whether a state exists or not, meaning thereby, the participants of global community should recognize t
John, a young CPA and one of the audit team members for Moulberg Electrical Appliances Ltd, has developed very good insights into the company's systems in the last 12 months and wa
Theories of relational contracts These are long-term, non-legal or only incompletely legal agreements. The fact of incomplete foresight is taken into account by leaving gaps in
List of Members: S.130(6) provides that the directors shall cause a list showing the names and postal addresses of the members of the company, and the number of shares held th
A man is standing at a bar. His friend Sam says to him, "Jim, it was Claude who scratched your car and slashed all your seats." Two days later Jim is found beaten i
Non-accepting shareholders: Acceptance on the required scale must be obtained within a maximum of four months from the date of the offer. The position then is that: (a) at
Q. Cross agency actions - addressing phoenix activity? the ASIC, ATO and FWO all have responsibilities in investigating and monitoring elements of phoenix activity. This means
QUESTION 1 Court control of how executive power is exercised is what administrative law is all about. Who are the persons under scrutiny in this area of the law? In what manner
"Detriment" as consideration An example of a 'detriment' that will legally suffice like the consideration for a promise is provided with the case of Carlill v. Carbolic Smoke
CREDITORS' VOLUNTARY WINDING UP: If no declaration of solvency is made and delivered to the registrar, the liquidation process is a creditors' voluntary winding up even if i
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