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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.
Combined income statement The figures to appear in the combined income statement are based on the following diagram: 1) An arrow pointing into a box refers to purchase
Retirement of a partner When one of the partners retires ante the others will continue trading, the n it is important that he gets a share of the goodwill that he helped create i
Banana Computer has a perpetual, convertible 7% annual coupon bond outstanding. The bond has a face value of $1,000 and has a conversion price of $40. The required return on an oth
Question 1 Explain the functions of merchant banking and functions of financial intermediaries Question 2 What do you understand by book building and Green shoe option? Ex
The following details are taken from the accounting records of the company as at 30 June 2010: Debit Credit Sales revenue 49,950,000
1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr
Necessary things for Receivership If no power to appoint a receiver is given by the terms of issue, the trustee for the debenture holders, or a debenture holder acting on behal
It is a managerial accounting cost method of expensing all costs related with producing a particular product. Absorption costing utilizes the total direct costs and overhead costs
Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .
The comparative balance sheet of Portable Luggage Company at December 31, 2008 and 2007, is as follows An examination of the income statement and the accounting records revealed th
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