Mutual dealings-bankruptcy and liquidation, Financial Accounting

Assignment Help:

MUTUAL DEALINGS

A right of set-off is allowed where there have been -

(a) Mutual credits, debts or other dealings resulting in pecuniary liabilities,
(b) Between the debtor and a creditor in the same right,
(c) Prior to the date of the receiving order,
(d) Without notice of an available act of bankruptcy.

An account is taken as at the date of the order, and the balance paid or claimed by the creditor.

Persons with mutual dealings cannot contract out of the right of set-off given by s.36 ibid though it may be possible for them to agree that their dealings shall not be regarded as mutual. National Westminster Bank Ltd. v Halesowen Presswork and Assemblies Ltd. (1972).


Related Discussions:- Mutual dealings-bankruptcy and liquidation

Expected opportunity loss decision criterion, The construction manager for ...

The construction manager for Acme, Inc. must decide whether to build single-family homes, apartments, or condominiums. She estimates annual profits will vary with the economy, as f

Calculate infant mortality rate, Q. Calculate infant mortality rate? Mid...

Q. Calculate infant mortality rate? Mid year population 440000 Late fatal death          29 No. of live birth           5200 No. of infant death      423 No. of mate

Write a brief memo, Middlehurst House is a daycare center/preschool which o...

Middlehurst House is a daycare center/preschool which operates as a partnership of George Friedman and Bill Compton. The center is in a city that has a large base of twoincome fami

Help, #The ABC Organization Unadjusted Trial Balance As of 31 December 2012...

#The ABC Organization Unadjusted Trial Balance As of 31 December 2012 Account Codes Dr Cr Cash 10,789 Furniture and fixtures 60,000 Supplies inventory 8,531 Pledged contributions r

Ratio analysis, This subject has really beeen difficult for me. This is, by...

This subject has really beeen difficult for me. This is, by far, the most challenging assignment I have had to deal with. Please help! If someone can do it for me, that would be ev

State the role of accounting information, State the role of Accounting info...

State the role of Accounting information Accounting information has a significant role to play in reporting the extent to which different groups have benefited from the busines

Powerpoint presentation, I have a presentation on an article (around 20 pag...

I have a presentation on an article (around 20 pages). I also need 2 current real life examples (2 companies) to support the presentation. Can you do that? How long it will take yo

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