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The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in full.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

Nature of the reports produced - financial accounting, State the Nature of ...

State the Nature of the reports produced - Financial accounting Financial accounting reports tend to be general-purpose which is, they contain financial information which would

Finacial Reporting, What organizations are responsible for governing financ...

What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles changed in the last 20 years? How might their roles

One more interest payment, 1. What will be the value of every of these bond...

1. What will be the value of every of these bonds when the going rate of interest is 4%? Suppose that there is only one more interest payment to be made on Bond S. Round your answe

accounting, what organizations are responsible for governing financial rep...

what organizations are responsible for governing financial reporting? what is the role of each organiztion? how have the roles changed in the last 20 years? how might their roles c

Project, Looking for someone who can help me with my investment project

Looking for someone who can help me with my investment project

What are do you meant by an enterprise system, Question : i) Show the i...

Question : i) Show the interdependence of business strategy and Information Systems in an organization. ii) Distinguish using suitable examples between decision-support syst

Presumption of survivorship, PRESUMPTION OF SURVIVORSHIP Where two or m...

PRESUMPTION OF SURVIVORSHIP Where two or more persons have died in circumstances rendering it uncertain which of them survived the other or others, the deaths shall, for all pu

Financial managment, How is a company’s cost of capital affected by its tax...

How is a company’s cost of capital affected by its tax rate?

Executive, Ask question #EM201683STE718FACMinimum 100 words accepted#

Ask question #EM201683STE718FACMinimum 100 words accepted#

Company conversion features-partnership, Company conversion features If...

Company conversion features If the formation costs are to be bourne by the company then the profit or loss on realization will be the same as the company then the new company (

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