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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.
Exceptions to the rule of lapse There is no lapse in either of the following cases: 1. Where the gift or disposition is made in discharge of a moral obligation recognised by t
The liquidation of the Marks, Norris, Smith, and Savannah partnership:
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SETTLEMENT OF LIABILITIES Wide powers of compromise are granted to trustees by the Trustee Act. Two or more trustees or a sole trustee, where authorised, may: 1. Pay or allow
In the above illustration we have consider how the future value modify along with the modification in frequency of compounding. So as to understand the relationship among effectual
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