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RIGHTS AND DUTIES OF TRUSTEE
The rights and duties of trustee are as follows:Powers of trustee: Sell and transfer any part of the bankrupt's property;Carry on the business of the bankrupt etc.Right of indemnity: If the Official Receiver or trustee has seized or disposed of any property in the possession of the debtor, without notice or claim relating thereto, he is not personally liable to any person having a claim against that property, unless the court is of opinion that he has been negligent.Renumeration of trustee: This is fixed by ordinary resolution of the creditors, or by the committee of inspection. It takes the form of a commission payable partly on the amount realised by him less sums paid to secured creditors, and partly on the amount distributed as dividend. Accounts of trustees: The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of inspection at least once every three months, and the trading account examined and certified by them at least once a month.Trustee's bank account: The trustee must pay all money received into the Bankruptcy Estates Account at the prescribed bank if he retains sums exceeding Shs 1,000 for more than ten days, he is liable to pay 20% per annum interest on the amount, loses his rights to remuneration, may be removed from office.
The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,0
Subsidiary company exclusion features 1) The standard does not require consolidation of a subsidiary acquired when there is evidence that the control is intended to be temporar
Refer to Note 12, Employee Benefit Plans and Other Postretirement Benefits (pp. 86-91) from the Consolidated Financial Statements of Harley-Davidson (hereafter HOG) 2008 Annual Rep
Q. What is Permanent Negotiating Machinery? Two Federation of Union All Indian Railway men's federation (AIRF) & National Federation of Indian Railway (NFIR) men have been reco
You are considering whether or not to go to graduate school. Well... there are many things to consider, of course, such as the type of job you would thus get, the opportunity to li
Refer to the Consolidated Statements of Shareholders' Equity (pp. 62-63), Consolidated Statements of Cash Flow, including an abstract from Note 2, Cash Flow Information (pp. 61 and
statement showing surplus capital solution
Fully secret trusts This is where neither the existence nor the terms of the trust are disclosed in the will. The trust will be enforced only if the following conditions are
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par - Preferred shares:
After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership indicate the following: Cash $75,000 Non cash 105,000 Liabilit
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