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Completed executions
A judgement creditor cannot retain the "benefit" of an execution or attachment, unless he has completed it-
But he can retain any money received by him before that date (Re Andrew).
If the judgement exceeds Shs 400 the bailiff must retain the proceeds of sale for 14 days, and us hand over the proceeds to O.R. or trustee, of notice of a petition is served on him during that time; and the same applies if, before sale, notice is served on him that a receiving order has been made.
The court has discretion to set aside these rights in favour of the creditor if it thinks fit.
Good will on consolidation Good will on consolidation arises when the purchase consideration paid by the holding company is different from the value of the net assets acquired i
Dissolution If the winding up continues for more than a year, the liquidator must file progress reports with the registrar at such intervals as the court may prescribe s.333. W
ORDER OF PAYMENTS The bankrupt’s estate must be distributed in the following order. 1. Cost and charges: Costs and charges properly incurred in administering the estate mu
Impact of joint Audit on financial reporting quality
Consider a worker who earns $8.00 per hour and has no other source of income. Compare the following two transfer policies: i. A negative income tax that sets the tax (per day)
Unqualified Opinion - AUDIT opinion not qualified for any material scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). AUDITOR may issue an unqu
Seattle Health Plans currently uses zero debt financing. Its operating income (EBIT) $1 million, and it pays taxes at a 40 percent rate. It has $5 million in assests and because
Creditors' voluntary winding up If no declaration of solvency is filed the winding up must take place under the control of the creditors. 1. Meeting of creditors : Th
equity share capital rs 10 200 10% preference share capital 80 15% debenture 20 profit before interest and taxes 60 proposed dividend 20 provision fo
Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o
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