Bankruptcy and Debtor-Creditor Relations Bankruptcy often conjures up images of the Great Depression‚ boarded up store fronts‚ and social disgrace. Today‚ however‚ bankruptcy has evolved into a procedure in which a person or business may preserve their remaining assets‚ reorganize and continue on or obtain a fresh-start in life. Bankruptcy can be defined simply as “the legal process by which the assets of a debtor are sold to pay off creditors so that the debtors can make a fresh start financially”
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------------------------------------------------- AN evaluation of the effectiveness of debtors’ management systems: ------------------------------------------------- A CASE study of puzey and payne INTRODUCTION 1.0 Introduction This chapter briefly provides the background of the study on the effectiveness of debtors’ management systems at Puzey and Payne‚ Harare. In this chapter‚ the researcher rationalized the topic‚ clarified the objectives
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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 concern the administering the estate of the debtor in bankruptcy
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Example of bad debts recovered: The balance for Debtor A; RM 1‚500 as at 1/1/2011. On 15/3/2011‚ Debtor A could not be traced and was written off as bad debts. On 20/10/2011‚ Debtor A repaid his debt by cheque for RM 1‚500. Accounting period ends on 31/12/2011. |Date | | |JOURNAL |Debit (RM) |Credit (RM) | |15/3/2011 |DR | |Bad debts expense
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& 15) which can be utilized under the Bankruptcy Code for protection‚ reorganization and Liquidation. Pay particular attention to who can be a debtor in each of those chapters. Chapter 7 – provides for liquidation proceedings or the selling of all nonexempt assets and the distribution of the proceeds to the debtor’s creditors. Who Can Be a Debtor – Any “person” (including partnerships‚ corporations‚ and municipalities) except railroads‚ insurance companies‚ banks‚ savings and loan institutions
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12.38 times to 0.17 times from 2011 to 2012.This indicates that this business is less able to cover its average current liabilities or its short term debts. We can know from the table this is an unfavourable result. Efficiency 2011 2012 Debtors Turnover Ratio (DTO) 98days 95days Creditors Turnover Ratio (CTO) 87days Stock Turnover Ratio (STO) 60days 67days STO In 2011‚ it took average 60 days for the business to sell their stock to customers‚but in 2012 it was 67 days. The STO
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due to a number of reasons. Topping on list reasons is the failure to manage the working capital component particularly debtors. The issue of liquidity has been the cause of many corporate failures. MIDLANDS STATE UNIVERSITY (M.S.U) is facing a similar problem. The company has a ballooning figure of debtors in its accounts. The problem arising out of the monies tied up in debtors is that the company is experiencing cash-flow problems. The failure to finance day-to-day operations is a cause of concern
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procedure that begins when an individual or business that can’t pay their debts to creditors. Sadly enough‚ there were as many bankruptcy cases filed in federal courts‚ as there were all other cases. The American bankruptcy law almost encourages debtors who are unable to pay their debts to file for bankruptcy. Is filing bankruptcy a good thing or a bad thing? Bankruptcy law allows for business to continue operating depending on what chapter of bankruptcy they file for and how far in debt they
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means to an income‚ while the only thing she would gain would be something she already had in the first place‚ her job. Second case: Mr. Creditor loaned Ms. Debtor a large amount of money‚ to be paid off in a year. Ms. Debtor is sexually attracted to Mr. Creditor‚ but he doesn’t share her interest. When the end of the year comes‚ Ms. Debtor says she will only pay if he consents to sex. This is a threat because if Mr. Creditor doesn’t consent to sex‚ then he will not get the payment owed to him‚ so
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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 will. 3. In obligations to give a generic thing whose quality and circumstances have not been stated‚ the debtor cannot deliver a thing of inferior quality.
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