Disclaimer of leases-bankruptcy and liquidation, Financial Accounting

Assignment Help:

Disclaimer of leases

In principle where the bankrupt is a lessee the lease cannot be disclaimed without leave of the court; but such leave is not required in the following cases.

1. If the property is not sublet or mortgaged and

  • Its real value is less that Shs 400 p.a.; or
  • The estate is being administered summarily, or
  • The trustee serves notice of his intention to disclaim on the lessor and the lessor does not within seven days require the matter to be brought to court;

 

2. If the property is sublet or mortgaged and the trustee serves all parties with notice of his intent to disclaim and no party within 14 days requires the matter to be brought to court.


Related Discussions:- Disclaimer of leases-bankruptcy and liquidation

Finance management, Establish a budget and allocate funds in accordance wit...

Establish a budget and allocate funds in accordance with statutory and organisational requirements

Related party transaction, Related Party Transaction - Business or other tr...

Related Party Transaction - Business or other transaction between persons who don't have an arm's-length relationship (for example a relationship with independent, competing intere

Business mathamatics, im doing compound interest my calculator doest have a...

im doing compound interest my calculator doest have anxy butyx cant do nothing with the ten being the power of .9

Alternative dispute resolutions, Question 1 a. Contractual liability m...

Question 1 a. Contractual liability may be discharged in certain circumstances. Discuss. b. "An aggrieved party in a breach of contract is entitled to claim for damages"

Calculate the earnings per share, Q. Calculate the earnings per share? ...

Q. Calculate the earnings per share? Dividend cover is a measure of the relationship among dividends and earnings and may be calculated for the whole company or on a per share

Gathering Financial Information and Analysis, Many hospitals are classified...

Many hospitals are classified as not-for-profit (NFP). The presentation of for-profit (FP) financial statements differs in several respects from NFP accounting. You will probably w

Practice Test, I need help with a practice test so I can study well for my ...

I need help with a practice test so I can study well for my midterm soon this week.

The rectification entries, Show the rectification entries for the following...

Show the rectification entries for the following:                                        (10 marks) a.    The Sales account is undercast by Rs.15,000 b.    Goods returned by

Ifrs and benefits in organization, Develop a paper that explains the emergi...

Develop a paper that explains the emerging role of international financial reporting standards and how it affects your particular organization. Your paper should assess the adequac

Give reasons why both options should be used, Apple Corporation has been he...

Apple Corporation has been hearing complaints from some shareholders about returning some of the $150 billion in cash that the corporation has. Some shareholders think a large divi

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