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

Show the change in equity, A parent has had a controlling interest of 60% i...

A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20

State the economic benefit of having accounting information, State the Econ...

State the Economic benefit of having accounting information Economic benefit of having accounting information is even harder to assess.  It's possible to implement some 'scienc

Elements of the tort of negligence, Answer both parts of this task. Part (i...

Answer both parts of this task. Part (i) is worth a maximum of 5 marks and Part (ii) is worth a maximum of 10 marks. (i) List the elements of the tort of negligence. (ii) Enr

Pre-acquisition losses in subsidiary company, Pre-acquisition losses in sub...

Pre-acquisition losses in subsidiary company on date of acquisition If the subsidiary company has a loss on the date of acquisition i.e. a debit balance in the retained profits

Introduction to pension funds, Introduction to Pension funds Pension fu...

Introduction to Pension funds Pension funds are normally set up to provide pension benefits to employees who have retired. The pension funds receive contributions mainly from e

Ratio analysis and vertical analysis, Balance Sheets: contains the balance...

Balance Sheets: contains the balance sheets as of December 31, 2010, 2009, and 2008. Accounting practice and tradition dictates that the most current year is placed nearest to the

Horizontial and Vertical Analysis, #qUsing these data from the comparative ...

#qUsing these data from the comparative balance sheet of Junior Company, perform horizontal analysis. JUNIOR COMPANY

Holding company with more than one subsidiary company, Holding company with...

Holding company with more than one subsidiary company Under this type of structure, the holding company controls more than one company. For example H ltd may Own 80% of S1, 75%

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