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

Inventory, HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL

HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL

Intangibles, #question.how to account enginering cost

#question.how to account enginering cost

Variation of securities-executorship laws and accounts, Variation of securi...

Variation of securities It would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold. If this were done, it wo

Accrual Accounting-adjusting entry, What are some examples of adjusting ent...

What are some examples of adjusting entries that are made at the end of the accounting period to bring general lever accounts balance in accordance with GAAP.

Calculation of profitability ratios, Calculation of Profitability ratios  ...

Calculation of Profitability ratios  -                     2008 2009 2010 G Net Sal

Primary business activities - capital resources, Create a description of yo...

Create a description of your company and its primary business activities. Include: a) A brief historical summary b) The lines of business the firm is engaged in (Is the compa

Depreciation, what are methods of calculating depreciation?

what are methods of calculating depreciation?

T account, I've tried everything im just really lost. I have to enter into ...

I've tried everything im just really lost. I have to enter into T accounts. Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,

Describe about backdating, Q. Describe about Backdating? i) Exercise pr...

Q. Describe about Backdating? i) Exercise price is based on a lower share price prior to option grant date. Practice of marking a document with a date that precedes actual date

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