THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSESTS AND ENFORCEMENT OF SECURITY INTEREST ACT‚ 2002 (54 OF 2002) An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fifty-third year of Republic of India as follows: -- CHAPTER I PRELIMINARY 1. Short title‚ extent and commencement (1) This Act may be called the Securitisation and Reconstruction
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Business Law II Exam I Review ____ 1. As part of a loan to pay for improvements to her restaurant‚ Courtney executes a negotiable instrument in favor of Tim. They are the only parties to the instrument. A negotiable instrument that has only two parties is The promissory note is the simplest form of commercial paper; it is simply a promise to pay money. A promissory note is a two-party instrument in which one person(known as the maker) makes an unconditional promise in writing to pay
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transactions. Accounting provides organizations the insight into understanding its finances and assisting the organization in budgeting‚ spending‚ and decision-making. Examples of people who use accounting for business purposes are managers‚ investors‚ creditors‚ and employees. In this paper the subject will explain how accounting is useful to these people. Also in this paper the subject will identify the four basic financial statements of accounting and explain how they relate to one another.
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bankruptcy filings -- the debtor and the creditor. The debtor is the party who has debt‚ or owes money‚ to the creditor. A debtor can be a company or an individual. The creditor is an organization or company that claims the debtor owes property‚ service‚ or money. Most bankruptcy cases involve several creditors. The purpose of this document is to explore Bankruptcy. Debtors can have two different types of debt -- secured and unsecured. With secured debts‚ creditors have the legal right to something of
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must be held within one month from the date of statutory declaration (Form 65A) ii) The directors make a statutory declaration of Form 65 (statutory declaration of inability of company to continue business and that meetings of the company and its creditors have been summoned) and lodged with the CCM. iii) The Company’s director shall appoint and approved liquidator to be the provisional liquidator. iv) At the EGM:- A special resolution will be passed to wind up the company by the way of creditor’s
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than one year ran into difficulties and liquidation proceedings commenced. The assets of the company were not even sufficient to discharge the debentures (held entirely by Solomon himself). And nothing was left for unsecured creditors. The liquidator on behalf of unsecured creditors alleged that the company was a sham and mere a-lias or agent for Salomon. Court of Appeal: The British Court of Appeal considered the matter and Kay LJ stated that “The statue was intended to allow seven or more persons‚
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on a specific issue of the SFRY’s dissolution‚ namely on the apportionment and succession of the state’s external debt obligations. Significant advancements have been made in this area since 1991‚ as both debtor countries and various groups of creditors have been keenly interested in entering into agreements ____________________ * Professor of
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necessity – in case of non-compliance‚ the courts of justice may be called upon by the aggrieved party to enforce its fulfilment or‚ in default thereof‚ the economic value that it represents. Civil obligations – are obligations which give to the creditor or obligee a right under the law to enforce their performance in courts of justice. Natural obligations – are obligations not being based on positive law but on equity and natural law. Essential requisites of an obligation: 1. Passive subject
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Article 1216 Right of the creditor to proceed against any solidary debtor * Not applicable to a joint obligation. It reiterates the rule hat in a solidary obligation (passive solidarity)‚ any one or some or all of the solidary debtors may simultaneously‚ may be made to pay the debt so long as it has not been fully collected. Article 1217 Effects of payment by a solidary debtor 1. Between the solidary debtors and creditor(s) –payment made by one of the solidary debtor extinguishes the obligation
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financial statements in the account world. Each statement has a difference focus and importance. Managers‚ creditors‚ and investors to learn about a company’s financial status and to make decisions about the company use the financial statements. Each financial statement type will briefly be defined and explained in this paper. Also‚ why these statements are of interest to managers‚ creditors‚ and investors. According to Kimmel‚ Weygandt‚ and Kieso (2009)‚ “Assets‚ liabilities‚ expenses‚ and revenues
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