First meeting of creditors-public examination, Financial Accounting

Assignment Help:

First Meeting of creditors

The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each creditor mentioned in the statement of affairs and by six days' notice in the Gazette.  He must send with the notice a summary of the statement of affairs, his own comments thereon, a form of proof, and details of any scheme proposed by the debtor. The debtor must be given three days' notice of the meeting.

The purpose of the meeting is to decide whether to accept a scheme of arrangement (if any) or to have the debtor adjudged bankrupt, and in the latter case to appoint a trustee and a committee of inspection.

Public examination

This is fixed by the court, on the application of the Official Receiver, as soon as is convenient after the time for submission of the debtor's statement of affairs Notice must be given to the debtor and the creditors and advertised in the Kenya Gazette and a local paper.

The debtor must attend, and must answer on oath all questions properly put to him about his affairs, even if the answers are incriminating.

If the debtor fails to attend or refuses to answer such questions, the examination may be adjourned sine die (indefinitely), and the debtor adjudged bankrupt forthwith.


Related Discussions:- First meeting of creditors-public examination

#Withholding Tax Payable, #Hi! would you mind to help me? is there such an ...

#Hi! would you mind to help me? is there such an accounting term as Withholding Tax Payable??? please help me.. thanks

Difference between npv and irr, Function to return the phase of a complex n...

Function to return the phase of a complex number 1. What is Annuity kind of cash flow? 2. What do understand by Portfolio risk? 3. What do you understand by 'Loan Am

Discuss the interest rate parity, Below is information about the spot and f...

Below is information about the spot and forward rates for three currencies against the US dollar (USD): Currency (exchange rate) Spot Rate Six-month forward rate Euro (EUR)

Ratios, equity share capital rs 10 200 10% preference share capital 80 15%...

equity share capital rs 10 200 10% preference share capital 80 15% debenture 20 profit before interest and taxes 60 proposed dividend 20 provision fo

Jennifer, how do you figure out to do adjustments

how do you figure out to do adjustments

Financial decision making, how do i write an assignment about financial dec...

how do i write an assignment about financial decision making

Which product should harper tell its sales personnel, Harper Co. provided t...

Harper Co. provided the following information concerning two products: contribution margin per unit- product 12 $46 Contribution margin per unit-product 43 $30. Machine hours requi

Prepare the partnership''s income statement, The partnership of Lewis and C...

The partnership of Lewis and Clark had these balances at April 30, 2008: Cash........$28,000 Liabilities........56,000 Clark Capital...14,000 Other Assets...84,000 Service Re

Fair market value, Stepped Up Basis -Usually, the foundation of property ac...

Stepped Up Basis -Usually, the foundation of property acquired by INHERITENCE, BEQUEST or device from a DECENDANT is the FAIR MARKET VALUE of the property on the date of decendant'

What is the net cash provided by investing activities, Zoum Corporation had...

Zoum Corporation had the following transactions during 2014: 1. Issued $125,000 of par value common stock for cash. 2. Recorded and paid wages expense of $60,000. 3. Acquired land

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