ACC 405: Bankruptcy & Liquidation

Learning Outcomes

At the end of this course, students should be able to:

1. demonstrate understanding of relevant concepts and procedures covering bankruptcy and liquidation;
2. discuss and prepare relevant statements of affairs in bankruptcy and receivership;
3. explain the procedures relating to executorship and prepare relevant statements of affairs;
4. differentiate between trust and trusteeship arrangements;
5. prepare Liquidation accounts;
6. explain deed of arrangements;
7. define basic concepts in executorship, wills and executor; and
8. distinguish Bankruptcy from Liquidation.

Course Contents

Bankruptcy, covering basic concepts, causes of bankruptcy and liquidation procedures. Deeds of arrangement in relation to scheme of arrangement and property available for distribution. The roles of official receiver, trustee and classes of creditors. Process of lodging and payment of debt in bankruptcy and liquidation. Preparation of statements of affairs, deficiency/surplus accounts and liquidators’ accounts. Executorships including description and basic concepts,

wills and executor. Trust covering definition, relevant concepts, board of trustees and committee of inspection. Administration of insolvent estates, trusts and estates of deceased person. Deeds of arrangements, disposition of property by wills and letters of administration; and prepare accounts relating to the administration of insolvent estates and trusteeship.