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A fixed liability is a debt, bond, mortgage or loan that is payable over a term exceeding one year. Such debts are better known as non-current liabilities [1] or long-term liabilities. [2] Debts or liabilities due within one year are known as current liabilities. [3]
Long-term liabilities, or non-current liabilities, are liabilities that are due beyond a year or the normal operation period of the company. [1] [better source needed] The normal operation period is the amount of time it takes for a company to turn inventory into cash. [2]
the bankrupt must disclose to the OA any property acquired after being adjudicated bankrupt; any payment or any transfer of property by the bankrupt to a creditor in preference over other creditors that took place in the 1-year period prior to being adjudicated bankrupt shall be deemed to have been fraudulently done and may be undone or ...
A Division 1 Proposal is a last resort. Created by the Bankruptcy and Insolvency Act of 1985, the option to file Division 1 is not an option to be taken lightly as, in the event that the stipulations within the proposal get voted down by creditors or not signed off by the court, one falls into bankruptcy. [9]
An unsecured creditor does not have a charge over the debtor's assets. [2] The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.
In Chapter 13, debtors retain ownership and possession of all their assets but must devote some portion of future income to repaying creditors, generally over three to five years. [60] The amount of payment and period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor ...
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Utilized assets means obtaining the complete benefit from their earning potential (i.e. if you recently purchased equipment costing $5,000 that had 5 years of productive/useful life, then under the going concern assumption, the accountant would only write off one year's value $1,000 (1/5th) this year, leaving $4,000 to be treated as a fixed ...