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

Incomplete Records, Statement to ascertain profit in analysis method and co...

Statement to ascertain profit in analysis method and comparison method, and reconstructed using ledger

Long as the yield to maturity, The Brownstone Corporation's bonds have 7 ye...

The Brownstone Corporation's bonds have 7 years remaining to maturity. Interest is paid yearly, the bonds have a $1,000 par value, and the coupon interest rate is 10%. a.

Techniques of inventory control, Inventory control implies a planned approa...

Inventory control implies a planned approach of ascertaining while to buy, how much to buy and how much to stock hence costs including storing and buying are optimally minimum, wit

What is reconnaisance survey, Q. What is Reconnaisance Survey explain? ...

Q. What is Reconnaisance Survey explain? This item should apply to all rough and rapid investigations of an area with a view to determine the technical feasibility and approxim

Gaap - generally accepted accounting principles, ACCOUNTANCY PRINCIPLES (GA...

ACCOUNTANCY PRINCIPLES (GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) Accounting values, rules of conduct and action are explained by a variety of terms for instance convent

Acquisition during the financial period-group accounts, Acquisition during ...

Acquisition during the financial period The holding company may acquire the subsidiary company partway through the financial period such that as at the balance sheet date, the

Answer for Assignment, Transaction Entry Information: May 1 Owener H.Hadi ...

Transaction Entry Information: May 1 Owener H.Hadi invested $40,000 in the business

4 page assignment, How do I know how much is service fee ?

How do I know how much is service fee ?

The balance of arndt''s retained earnings, On December 31, 2010, the stockh...

On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $

Relevant cash flows , The City of Miami must replace a number of its concre...

The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve

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