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THE PETITION
Petition by debtor:If the debtor presents his own petition, a receiving order is made at once without a court hearing and an adjudication order may also be made at once.Petition by creditor:A creditor whose debt is less than Shs 1,000 may petition jointly with other, if the aggregate of the debts is Shs 1,000 or more A secured creditor may only petition in respect of the balance unsecured unless he agrees to surrender his security.Presentation and hearing:The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he must give notice of that fact and the reasons for his opposition at least three days before the hearing.Protection of debtor’s property:At any time after presentation of the petition, the court may appoint the official receiver (O R) to be interim receiver of the property and the O R may himself appoint a special manager. The official receiver:The Official Receiver is an officer of the court appointed by, and under the supervision of, the Minister. His duties are to investigate the debtor's conduct and report thereon to the court, to act as receiver of the debtors property, summon and preside at the first meeting of creditors, advertise requisite matters in the Gazette and elsewhere, and act as trustee pending appointment of a trustee by the creditors and during any vacancy, and in small bankruptcies.
Comparison with Sector Averages Any conclusion relating to the signs of overtrading needs to be put in the context of the normal values of accounting ratios indicated by the se
Question 1 Suppose you take out a loan of $10,000, repayable by five equal annual instalments. The interest rate is 10% per year. (a) How much do you need to repay per year
No. Account Title Debit Credit 101 Cash . . . . .
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The three certainties A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects. 1. Certainty
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