administration in both United States and United Kingdom. To amplify‚ features of pre-pack administration will be listed firstly‚ following by pre-pack situation in both countries‚ including procedure‚ aspects related to court‚ practitioner (trustee) and creditors and specific requirements such the Schedule B1 of Insolvency Act 1984 in UK and section 1129 in US Chapter 11. Then‚ this article compares the main features involved in the pre-pack in two different countries. In the end‚ the essay will provide some
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Bankruptcy Law Bankruptcy law in the US has two goals: to protect a debtor by giving them a fresh start free from creditor’s claims‚ and to ensure equitable treatment to creditors who are competing for debtor’s assets. Bankruptcy Proceedings * The role of Bankruptcy Courts * Bankruptcy proceedings are held in federal bankruptcy courts. * These courts fulfill the role of an administrative court for the federal district court concerning matters in bankruptcy. * These matters
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money or its equivalent in specific property or services‚ or b. doing a certain act or not doing a certain act. How payment is made a. The thing or service contemplated must be delivered or rendered. 1. The debtor of the thing cannot compel the creditor to accept a different one although the latter maybe of the same value as‚ or more valuable than that which is due. 2. In obligations to do or not to do‚ an act or forbearance cannot be substituted by another act or forbearance against the obligee’s
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place of the debtor * by subrogating a third person in the rights of the creditor (Subrogate - Take over a legal claim or right against a third party from another party who previously owned that right or claim) Art. 1291 Obligations may be modified by: (1) Changing their object or principal conditions; (2) Substituting the person of the debtor; (3) Subrogating a third person in the rights of the creditor. (1203) COMPENSATION (Article 1278) * the extinguishment to the concurrent
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crisis is the most dangerous and a serious disadvantage for a company‚ in such situations companies normally will use this provision to escape and avoid liabilities against their creditors. This section allows the company to make arrangement and reconstruction where they can negotiate with the other parties such as creditors regarding the debt they owe. Section 176(5) of CA‚ must be read together with section 176 (3) of CA‚ where this section stress that the order made under subsection (3) is not valid
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QUESTION 1 25 MARKS The following is Whisky Traders’ Trial Balance at the end of its first year of trading‚ 31 August 2010: R R DR CR Bank Overdraft 93 000 Buildings 500 000 Capital ? Petty Cash 3 000 Creditors Control 50 000 Debtors Control 60 000 Equipment 90 000 Investments 90 000 Long term Loans 200 000 Motor Vehicles 120 000 Inventory 200 000 Retained Earnings 420 000 1 063 000 1 063 000 However the following transaction has not yet being taken into account: • A delivery vehicle
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consent - he takes the place of the debtor. There is subrogation except if the 3rd person intended it to be a donation 3rd person pays/performs with consent of creditor but not with debtor’s consent‚ the repayment is only to the extent that the payment has been beneficial to debtor Requisites for Valid Payment PAYEE Payee - creditor or obligee or successor in interest of transferee‚ or agent 3rd person - if any of the ff. concur: It must have redounded to the obligee’s benefit and only to the
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between debtor and creditors for the repayment of debt Debt collection- collects assets and distributes proceeds to the multiple creditors. Debtor relief – legal relief from debt Discharge- forgiving the debt. Exemption – is property that a debtor may protect from seizure by creditors. Assignment for the benefit of creditors- takes place when a debtor‚ assigns its assets to a third party in trust to sell the assets and to apply the proceeds to the payment of the creditors’ claims. Bankruptcy
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Topic 1 Accounting and Society Prepared by Graeme Wines. One issue in Topic 1 that can be a little confusing is the distinction between inductive and deductive theories. The example of the topical area of climate change can be used to provide explanations of the distinction which may help your understanding. Inductive theory A descriptive (explanatory/scientific) theory‚ as these terms imply‚ suggest that the theory is attempting to describe or explain a particular phenomenon‚ and that
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personal accounts of the Trade Debtors to whom credit sales are affected. Here Trade Debtors word stands for only those debtors to whom goods are sold. Creditors / Suppliers / Purchase / Bought Ledger: This ledger contains the personal accounts of the Trade Creditors who supply the goods on credit. Here Trade Creditors word stands for only those creditors to whom those goods are sold. General Ledger / Nominal / Impersonal Ledger: This ledger contains all nominal accounts‚ real accounts and the remaining
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