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Disclaimer
The liquidator may disclaim onerous property consisting of:1. Land burdened with onerous covenants;2. Stocks and shares;3. Unprofitable contracts, or4. Other property which is not saleable by reason of the liabilities attaching thereto;and thereupon all the rights, interests and liabilities of the company in relation to the property are determined as from the date of disclaimer.The liquidator may disclaim in writing at any time within twelve months after commencement of the winding up, or such extended period as the court may allow.This right is lost if a person interested in the property applies in writing for him to decide whether he will disclaim or not; in this case the liquidator must give notice of disclaimer within 28 days of receiving the application, unless the court extends the time.The court's consent is not required to the disclaimer except in the case of certain leases.Any person interested in property disclaimed may apply to the court for an order vesting the property in himself.Any person injured by the disclaimer may prove in the liquidation to the extent of his loss.
Accounts required and their purpose a. Branch Current Account (Head Office Books) Records all transactions branch and head office; The balance represents the investmen
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 payables 15,800 equipment 46,000
You just purchased a bond that matures in 12 years. The bond has a face value of $1,000 and has an 7% yearly coupon. The bond has a present yield of 5.74%. What is the bond's yield
1. Assume that the money market is initially in equilibrium for an economy. Explain with the aid of a diagram how the market adjusts to (i) an increase in money supply (ii
Profit is not cash flow: Adequate cash is essential to keep business running. Inadequate cash increases the risk of not being able to meet current obligations as and when the
Uncertainty A gift or disposition not expressive of any definite intention shall be void for uncertainty, i.e A gift under a will fails where there is uncertainty as to:
April 2014 Notepayable $9,825,000 was issued. First due is April 1,2015. 6% interest erroneously expensed a full year''s interest
ARG Co presently has $50m of fixed assets and long-term debt of $10m. The issue of $3m of 9% debentures will raise fixed assets by $2m of buildings and machinery. There appears to
For several firms trade payables - suppliers of goods and services - represent the major component of current liabilities the amounts owed by the company which have to be repaid wi
Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011. Previous period's information were as follows: net receivables, $290,000 and inventory, $82
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