A has been adjudged insolvent on January 1, 2013. His creditors are as follows: Trade Creditors 50,000; Income tax 500; Municipal taxes * 400; Salary for 4 clerks for two months *1,500; Wages of two labourers for two months 180; Private Creditors + 4,000. Rent due to landlord for two months 1,200.
Find out the amount due to unsecured creditors and preferential creditors according to Provincial Insolvency Act and Presidency Towns Insolvency Act.
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Answer: The Presidency- Towns Insolvency Act, 1909
THE PRESIDENCY- TOWNS INSOLVENCY ACT, 1909
ACT NO. 3 OF 1909 1 [ 12th March, 1909.]
An Act to amend the Law of Insolvency in the Presidency- Towns 2
WHEREAS it is expedient to amend the law relating to insolvency in the Presidency- towns 3;
Explanation:
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