rightful payment. But‚ as per illustration(b)‚ if there was no reasonable ground for the surety not to pay‚ then it is considered as wrongful payment. If the payment of the sum by the surety is rightful‚ then the surety can recover from principal-debtor the cost as well as the principal debt but if the payment is wrongful‚ then he can only recover the principal debt. IS THE USAGE OF THE PHRASE ‘RIGHTFULLY PAID’ AND ‘WRONGFULLY PAID’ JUSTIFIED? The phrase ‘rightfully paid’ does not seem felicitous
Premium Money Payment Law
general rule belong to the debtor. 5. JOINT – each of the debtor is liable only for a proportionate part of the debt and each creditor is entitled only to a proportionate part of the credit 6. SOLIDARY – each debtor is liable for the entire obligation‚ and each creditor is entitled to demand the whole obligation. Solidarity is classifies as: (a) ACTIVE – solidarity among creditors‚ (b) PASSIVE – solidarity among debtors‚ (c) MIXED – solidarity on the part of creditors and debtors. 7. DIVISIBLE – obligation
Premium Debt Debtor
point of time can be invested in other things to generate more income. However the problems arise when it comes to the point of paying back their debts especially when the business has not enough cash. Simply looking it is safe to the side of the debtor but becomes a serious problem to creditor’s side. If the creditor has many customers who buy on credits and fail to pay back their dues at a required time‚ the business enter into the problems of lacking enough fund to manage their day to day operations
Premium Debt Management Finance
Department In partial fulfilment Of the course requirements In ACTBAS2 Rafael Q. Ocampo V24 March 1‚ 2012 Introduction The circumstance given depicts how important cash discounts are when looked into in real life. The latter compels debtors to pay on time their liabilities and when they do so‚ gaining deductions on their payables to one or several persons (their creditors). Accordingly‚ it also showcases some alternation of standards as businesspersons become more aware on how to manage
Premium Debt Money Debtor
Efficiency: Some variation form the industry averages is evident‚ but this may simply reflect seasonal sales fluctuations. The efficiency of JB Hi Fi Ltd Company includes inventory turnover‚ debtors turnover and creditors turnover. Inventory turnover is the measure and evaluate corporate buy stock‚ production‚ selling back the status of the comprehensive management indicators. In 2009 and 2010‚ JB Company has inventory turnover 65days and 57days respectively. And Harvey Norman Company has 91 days
Premium Debt Debtor Balance sheet
Quantitative aspects: 1- Sales From 1st year to 5th year turnover of the company continuously increases with a variable rate without decreasing throughout in 5 years period. In total 5 years 52.7% increase in sale respectively cost of good sold increase 48.78% Reason Reason of continuously increase in sale is that company have efficient management and company is switching from manual work to computerized work of its operations and salaries and wages are continuously decreasing from 4th
Premium Debt Generally Accepted Accounting Principles Finance
Glovsky and Popeo‚ P.C. | Boston Sales of debtors’ assets in bankruptcy proceedings are quite common‚ either as part of a plan of reorganization or liquidation or pursuant to Bankruptcy Code Section 363. The Bankruptcy Code and the Federal Rules of Bankruptcy Procedure provide that a sale of a debtor’s assets occurs after notice to all creditors and an opportunity for a hearing. In the case of a not for profit entity (an “NFP”)‚ the ability of a debtor to sell its assets in a bankruptcy often overlaps
Premium Bankruptcy Debtor Law
Features of Murabahah Financing 1. Murabahah is not a loan given on interest. It is the sale of a commodity for a deferred price which includes an agreed profit added to the cost. 2. Being a sale‚ and not a loan‚ the murabahah should fulfil all the conditions necessary for a valid sale‚ especially those enumerated earlier in this chapter. 3. Murabahah cannot be used as a mode of financing except where the client needs funds to actually purchase some commodities. For example‚ if he wants funds
Premium Debt Sales Finance
Chapter 13 gives individuals a chance to pay creditors over 3 to 5 years through a Bankruptcy Trustee. Most assets can be kept depending on what percentage of the debts will be paid. If the debtor is paying the creditors in full then they would be able to keep all of their assets. This is only available for debtors with verifiable disposable income. The last type is Chapter 12 which is for farmers and fishermen (LII / Legal Information Institute). After completion of whichever chapter used‚ the creditor
Premium Bankruptcy Bankruptcy in the United States Debtor
seeing property of the debtor (such as wages or funds in a bank account) that is being held by a third party (such as an employer or a bank). As a result of a garnishment proceeding‚ the debtor’s employer may be ordered by the court to turn over a portion of the debtor’s wages to pay the debt. In each state‚ the federal and state laws limit the amount that can be garnished from a debtors weekly pay that they take home. The federal law provides a minimal framework to protect debtors from losing all their
Premium Debt Civil procedure Debtor