Receiving order, Financial Accounting

Assignment Help:

RECEIVING ORDER

It includes five main important points as follows:

Effect of receiving order: The consequences of the making of the receiving order are:The debtor retains ownership, but loses possession and control of his property, the official receiver becomes receiver of the debtor's property.

Rescission of receiving order:
The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in full.

Statement of affairs: Within fourteen days of the receiving order '(or before, but not more than three days before, the date of the debtor's own petition) the debtor must submit to the Official Receiver a statement of his affairs.

First Meeting of creditors: The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each creditor mentioned in the statement of affairs and by six days' notice in the Gazette

Public examination: This is fixed by the court, on the application of the Official Receiver, as soon as is convenient after the time for submission of the debtor's statement of affairs Notice must be given to the debtor and the creditors.


Related Discussions:- Receiving order

Me, what is the different between prorfit and margin prorfi

what is the different between prorfit and margin prorfi

What is the required rate of return, a) Company X is expected to maintain a...

a) Company X is expected to maintain a constant 7% growth rate in their dividends, indefinitely. If the company has a dividend yield of 4%, what is the required return on their sha

Review, objective of working capital management and profitability

objective of working capital management and profitability

Journalize the transaction, received 16,000 contribution in exchange for co...

received 16,000 contribution in exchange for common stock

Provision for bad debts, A business had always made a provision for doubtfu...

A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa

Breach of trust-trusts laws and accounts, BREACH OF TRUST Remedies avai...

BREACH OF TRUST Remedies available to beneficiary: Injunction, Personal action, Criminal liability. Defence of trusts: He may be relieved from liability if, in the opini

Non-for-profit organization, Non-for-Profit Organization/Tax-Exempt Organiz...

Non-for-Profit Organization/Tax-Exempt Organization - An incorporated organization that exists for charitable or educational purposes, and from that its shareholders or trustees do

Define the term limited company- business ownership, Define the term Limite...

Define the term Limited company- business ownership Limited companies can range in size from quite small to very large. Number of individuals who subscribe capital and become

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