Completed executions-bankruptcy, Financial Accounting

Assignment Help:

Completed executions

A judgement creditor cannot retain the "benefit" of an execution or attachment, unless he has completed it-

  1. Before the date of the receiving order, and
  2. Without notice of the presentation of a petition or the commission of an available act of bankruptcy,   

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.


Related Discussions:- Completed executions-bankruptcy

Return on Equity, Maghrabi Enclosure follows a moderate current asset inves...

Maghrabi Enclosure follows a moderate current asset investment policy, but it is considering whether to shift to a different strategy. The firm''s annual sales are $500,000; its f

LO9-1, Adger corporation is a service company that measures its output base...

Adger corporation is a service company that measures its output base on the number of customers serviced. The company provided the following fixed and variable cost estimates that

Example of capital recovery factor, Suppose you get a cash bonus of Rs.1, 0...

Suppose you get a cash bonus of Rs.1, 00,000 that you deposit in a bank that pays 10 % annual interest. How much can you withdraw yearly for a period of 10 years? Solution :

What is the turnover needed to earn, a company recorded for the past year a...

a company recorded for the past year a sales of 500,000 and an operating incme of 40,000. What is the turnover needed to earn in order to achieve an ROI of 20%

The income statement-financial statement, THE INCOME STATEMENT It shows t...

THE INCOME STATEMENT It shows the financial performance of the company during the given financial period. It discloses the income and expenses and thus the net profit for the per

What is the cost recovery deduction, Tim purchased a used office building o...

Tim purchased a used office building on May 15, 2001, for $2,000,000. $500,000 of the purchase price was allocated to the land. On November 1, 2010 the building was sold. What is t

Prepare the necessary journal entries in 2013, Berg Company adopted a stock...

Berg Company adopted a stock-option plan on November 30, 2013, that provided that 73,200 shares of $5 par value stock be designated as available for the granting of options to offi

Fakari had the following asset at the ending of the year, Fakari had the fo...

Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. Ksh.000 Account payable 15,800 equipment 46,000

Capital recovery factor, Equation illustrates the relationship in between P...

Equation illustrates the relationship in between PVA n , A, K and n. So manipulating this a bit: We find that A = PVA n [(k (1 + k) n )/((1 +k) n - 1)] [(k (1 + k) n )/(

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd