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Application of assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Application of assets

  • This topic has 4 replies, 2 voices, and was last updated 1 month ago by MikeLittle.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • December 14, 2022 at 6:49 pm #674579
    Sacca22
    Participant
    • Topics: 28
    • Replies: 37
    • ☆☆

    Hi!

    With respect to the application of assets, what do they mean by ‘post-liquidation interest’ that comes after unsecured creditors and before the members?

    December 14, 2022 at 8:15 pm #674583
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22706
    • ☆☆☆☆☆

    I believe that this expression relates to the situation where, in the process of conducting a liquidation, the liquidator has deposited a sum of money into a holding account. The reason for such an action would typically be to allow sufficient time to elapse to be certain that all valid claims have been received for that class of creditor

    That set-aside fund of money will be accruing interest in the time between depositing the funds in an interest-earning account and the date of its due distribution

    When the liquidator is satisfied that all relevant claims have been received and that it’s now time to make a distribution to that class of creditor, the fund will have grown by the amount of the interest earned on that deposit account and it’s that post-liquidation interest that is to be distributed as though it were ‘attached’ to the deposited fund

    OK?

    Incidentally Sacca, I don’t know whether you have noticed that some of your earlier threads have been added to by a student with the moniker sm8980 who wishes to invite you to be a study buddy for the FA exam

    OK?

    December 14, 2022 at 9:42 pm #674588
    Sacca22
    Participant
    • Topics: 28
    • Replies: 37
    • ☆☆

    Yeah that makes sense. Thank you!

    No I didn’t notice, I’ll reply now. Thank you!

    December 15, 2022 at 6:56 am #674629
    Sacca22
    Participant
    • Topics: 28
    • Replies: 37
    • ☆☆

    Thank you once again for taking the time out to answer my questions. The support is much appreciated!!

    I just passed with 91% 🙂

    December 15, 2022 at 7:02 am #674636
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22706
    • ☆☆☆☆☆

    It’s results like that that put the icing on the cake for a tutor 🙂

    Very, very well done!

    And good fortune in your future studies with OpenTuition

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