96. Books Debts are shown under
:
(A) List A
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(B) List E
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(C
List 'F'
(D)None of these
Under the Presidency Towns Insolvency
Answers
Answer:
The Courts having jurisdiction in insolvency under this Act shall be 4 the ... (f) if he petitions to be adjudged an insolvent; ... (c) the debtor personally works for gain within those limits; or.
Answer:
Books debts are shown under (C) List F
Deficit Account in accordance with List H The term "deficiency account" refers to the deficit that an insolvent debtor is unable to cover.
Explanation:
The explanation to it is given below :-
Unsecured Creditors according to List A Trade creditors, stridhan adornment and personal possessions of Mrs., bills due, bank overdraft, partially paid shares held, unfinished contracts guarantees provided for others, etc., wages, rent, salaries, etc.
The wife's loan
A wife's debt is often handled the same as any other loan and counts as the bankrupt person's creditor. If it can be demonstrated that the wife paid the loan with money she received from the insolvent, that sum will be regarded as the insolvent's capital.
If there is enough money left over after paying the creditors, interest at 6% will be given to the creditors following the date of judgement.
Fully Secured Debtors according to List B
The list of creditors will include those who have enough security for their claims, and after paying these creditors, the remaining balance will be displayed on the asset side of the statement of affairs as available funds for distribution to other creditors.
Only partially secured Debtors listed on List C
The partially secured creditors' unpaid or unsatisfied amounts will be displayed in the expected to rank column as unsecured creditors, to be divided by the unpaid amount.
List D of Preferential Creditors
The following creditors are considered favoured creditors and are given priority over unsecured creditors.
The following creditors fall into the category of preferential creditors, according to the law:
Local and national government.
Salary and remuneration for the work performed during the four months prior to the filing of the petition for bankruptcy.
One month's rent is considered a preferential creditor under the Presidency Town Insolvency Act, although it is not considered a preferential creditor under the Provincial Insolvency Act.
The assets listed in the insolvent's statement of affairs are divided into the following four categories:
Other than bills payable in hand and assets maintained by creditors as fully and partially secured debts, this list includes property.
The following are the three types of book debts: Property as per List F
Good
Uncertain Debts
Bad
Bills of exchange and other instruments that are similar to them are considered assets under List G.
Deficit Account in accordance with List H The term "deficiency account" refers to the deficit that an insolvent debtor is unable to cover.
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