Receiver necessary statement-bankruptcy, Financial Accounting

Assignment Help:

Receiver necessary statement

The receiver may, if necessary, require the statement to be submitted by:

  1. Past or present officers of the company
  2. Persons who have taken part in the formation of the company at any time within the previous year
  3. Persons employed by the company within the previous year, and capable, in the opinion of the receiver, of giving the information required
  4. Persons who are or have been within the previous year officers or employees of a company which is or has been within that year an officer of the company s.352 (2).


Within two months of receipt of the statement of affairs the receiver must send:

  1. A copy of the statement of affairs
  2. His comments thereon (if any)
  3. A summary of the statement of affairs, and
  4. A summary of his comments, to:

 

  •         The registrar
  •         The court (if appointed by the court) - (a) and (b) only
  •         The company - (b) only, or a notice that has no comments to make, and
  •         To the debenture holders and their trustees (if any) - (c) only s.351(1) (c).

 

Apart from the duties imposed by law, the receiver should, upon appointment, master the terms of his appointment and ensure the validity of the charge, and, if he is appointed manager:- open an account as receiver and have existing balances and all moneys received paid into that account: give instructions that no goods are to be ordered or payments made without his authority, and that all letters etc., are to comply with s.349; make arrangements for continuing or terminating contracts of employment; take an inventory of all the assets; check insurances; and prepare lists of the company's debtors and particulars of the debts.

If the receiver is appointed by the court, he is an officer of the court, and no action can be brought against him, or taken or continued by him without leave of the court; he is not the agent of either the company or the debenture holders.


Related Discussions:- Receiver necessary statement-bankruptcy

Finance, defination of finance accounting

defination of finance accounting

Control of business activity, A huge number of financial ratios are in util...

A huge number of financial ratios are in utilized. They complete a broad variety of functions and objectives. Managers estimate performance and investors match their expectations,

U.s savings bonds, Natalie cashes in her U.S savings Bonds and receives % 5...

Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it

What is credit analysis, Q. What is Credit Analysis? Potential credit c...

Q. What is Credit Analysis? Potential credit customers must be carefully screened using such methods as bank references, trade references, credit reports from credit reference

#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

What is inheritance in gross income, Q. What is Inheritance in Gross income...

Q. What is Inheritance in Gross income? Inheritance - As distinguished from a BEQUEST or devise, an inheritance is property attained through laws of descent and distribution fr

Retained earnings, Ask question #MiniFollowing is the shareholder''s equity...

Ask question #MiniFollowing is the shareholder''s equity of Valdez Corporation on Jan. 1, 2018:Ordinary Shares, P100 par P6,000,000 Share Premium 500,000 Retained Earnings 1,800,

#accounting concepts, #what are the limitations or disadvantages of account...

#what are the limitations or disadvantages of accounting concept?

Prepare the journal entry at the date of the bond issuance, On January 1, 2...

On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January

EPS, Do you help with assignments

Do you help with assignments?

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