Petition by creditor-bankruptcy, Financial Accounting

Petition by creditor

Any creditor including an assignee of a debt, may petition, provided:

The debt due to him amounts to at least Shs 1,000;
The debt is certain and is for a liquidated sum;
The petition is based on an act of bankruptcy committed within the previous three months.
The debtor is domiciled in Kenya, or within the previous year has ordinarily resided or carried on business.

A creditor whose debt is less than Shs 1,000 may petition jointly with other, if the aggregate of the debts is Shs 1,000 or more A secured creditor may only petition in respect of the balance unsecured unless he agrees to surrender his security.

Related Discussions:- Petition by creditor-bankruptcy

What would be the consequences to zorn, zorn conducted his professional pra...

zorn conducted his professional practice through zorn, inc. the corporation uses a fiscal year ending september 30 even though the business purpose test for a fiscal year cannot be

Continuous compounding, The excessive frequency of compounding is generally...

The excessive frequency of compounding is generally continuous compounding where the interest is compounded immediately. The data for continuous compounding for one year is e APR

Explain your findings and conclusion, When the stock market is going up ove...

When the stock market is going up over a long period of time, investors can become complacent about the risks of being a stockholder. After the significant decline of the stock mar

Consolidated acccounts-group accounts, Consolidated acccounts 1AS 27 th...

Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The

How accounting objectives can be achieved, How Accounting objectives can be...

How Accounting objectives can be achieved There are two main ways by which this can be achieved: All the accounting records are maintained at the head office; or Each

National association of state boards of accountancy, National Association o...

National Association of State Boards of Accountancy - serves as a forum for 54 State Boards of Accountancy, that administer the uniform CPA examination, license Certified Public Ac

Quarterly budgeted cost of goods sold schedule, RSC Designs quarterly selli...

RSC Designs quarterly selling and distribution expenses are $100,000 including ($10,000 depreciation), and are expected to be paid in the quarter incurred. Quarterly administrat

Fair value adjustments, explain the purpose and circumstances of using fair...

explain the purpose and circumstances of using fair values in preparing consolidated financial statements

My homeword, r u working on my homework

r u working on my homework

Return on Equity, Maghrabi Enclosure follows a moderate current asset inves...

Maghrabi Enclosure follows a moderate current asset investment policy, but it is considering whether to shift to a different strategy. The firm''s annual sales are $500,000; its f

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages