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Receiver necessary statement
The receiver may, if necessary, require the statement to be submitted by:
Within two months of receipt of the statement of affairs the receiver must send:
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.
ORDER OF PAYMENTS The bankrupt’s estate must be distributed in the following order. 1. Cost and charges: Costs and charges properly incurred in administering the estate mu
summary of key financial ratios with formula
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what does this term mean?
Liquidity Ratios - These ratios include the Current Ratio and the Quick Ratio or the acid test ratio. Liquidity ratios show the Liquid position of a company in the short term i.e
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