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

Determine the net present value - cost of capital, What is the net present...

What is the net present value of a project that requires a net investment of $76,000 and produces net cash flows of $22,000 per year for 7 years? Assume the cost of capital is 15 p

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

How to determine the market economy, How to determine the market economy ...

How to determine the market economy Within a market economy there are strong competitive forces at work which ensure that failure to enhance owners' wealth won't be tolerated f

Prepare partial income statement through fifo and lifo , Prepare Partial In...

Prepare Partial Income Statement through FIFO, And LIFO Methods The records of XYZ Restaurant Supply include the following accounts for cases of coffee cups at December 31 of t

Features of the torrens title system, Answer both parts of this question. E...

Answer both parts of this question. Each part is worth seven and a half marks each. (a) Describe the features of the Torrens Title system of land registration and compare them t

Show the expatriation tax, Q. Show the Expatriation Tax? Expatriation T...

Q. Show the Expatriation Tax? Expatriation Tax - Individuals who loose or terminate their residency within 10 year period immediately preceding the close of a tax year, if term

Prepare all journal entries for 2013, A summary of Jarvis Company's Decembe...

A summary of Jarvis Company's December 31, 2013, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Gro

Assertion, Assertion -Implicit or explicit representations by an entity's m...

Assertion -Implicit or explicit representations by an entity's management which are embodied infinancial statement components and for which AUDITOR obtains and evaluates evidential

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