hai let us start professional ethics discussion. pl join
Professional ethics discussion - audit - ca final - pl join
Madhavi (CA - FINAL) (1342 Points)
25 November 2012
Madhavi
(CA - FINAL)
(1342 Points)
Replied 25 November 2012
who can't have his name registered in register of members (Disqualification as members)?
Madhavi
(CA - FINAL)
(1342 Points)
Replied 25 November 2012
how is undischared in solvent? and discharged insolvent but has not obtained a certificate from court ...............means what?
CA N.Dhivya Lakshmi
(Chartered Accountant)
(515 Points)
Replied 25 November 2012
Sry.. I dont get u.. Be still more clear and specific pls..:\
Madhavi
(CA - FINAL)
(1342 Points)
Replied 25 November 2012
out of the persons who are disqualified as to register as members, there is persons of age less than 21 years , unsound mind these are understandbale for me.
but it is given undischarged insolvent and discharged insolvent but has not obtianed a certificate from court stating that his insolvency was due to misfortune without any misconduct on his part ----- what this mean?
Vikas Aggarwal
(CA )
(207 Points)
Replied 25 November 2012
IN LAW
DISCHARGED SOLVENT CAN BECOME MEMBER
UNDISCHARGED INSOLVENT CAN BECOME MEMBER IF HIS INSOLVENCY WAS DUE TO HIS MISFORTUNE WHITHOUT ANY MISTAKE ON HIS PART
CORRECT ME IF I WRONG
CA Srikanth Yadav
(Chartered Accountant)
(3162 Points)
Replied 25 November 2012
@ Vikas: Undischarged insolvent and stands so adjudged by a competent court, is disqualified.
Being a discharged insolvent, fails to obtain from a competent court, a certificate stating that his insolvency was caused by misfortune without any misconduct on his part, is also disqualified.
So a discharged insolvent has to obtain a certificate from the court in order to be eligible for membership.
@ Madhavi: Undischarged insolvent is a person, that is, one who cannot repay the debts he owe to creditors.
A member, being an undischarged insolvent, pays off all his debts and becomes a discharged insolvent, he should obtain a certificate from the court, stating his insolvency was caused by misfortunce without any misconduct on his part, in order to eligible for membership!
Hope you got it!
CAclubindia
