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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.
Completely and incompletely constituted trusts In all cases the trust must be completely constituted. A trust is completely constituted when the trust property has been vested
The maximum possible loss method Under this method, a table is set up to compute the amounts payable to each partner. The results of the computation may be then posted into the
Assets 2011 2010 Non Current Assets
normative and positive
SECURED CREDITORS A secured creditor may: Rely on his security and not prove at all. Surrender his security and prove for the full amount of the debt. Realise his s
Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify
The maturity date of a note receivable 1. Is the day of the credit sale 2. Is the day the note was signed 3. Is the day the note is due to be paid 4. Is the date of the first payme
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
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DISSOLUTIONS A partnership may be dissolved due to various reasons which include: Poor trading that has led to losses A partner dying or leaving the firm The time
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