Cfn liquidating trust
It is voluntary and is made without getting, or expecting to get, anything of equal value;” and as described in FASB 116 as: “An unconditional transfer of cash or other assets to an entity or a settlement or cancellation of its liabilities in a voluntary nonreciprocal transfer by another entity acting other than as an owner.Other assets include securities, land, buildings, use of facilities or utilities, materials and supplies, intangible assets, services, and unconditional promises to give those items in the future.” The purposes of the gift must fall within the broad charitable purpose of the Foundation.
Topics include revenue and expense recognition; accounting for receivables, inventories, fixed assets, intangible assets, and liabilities.
For those who don’t know what Bankruptcy means in terms of economics then “Bankruptcy” is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.
Creditors may file a bankruptcy petition against a debtor (“involuntary bankruptcy”) in an effort to recoup a portion of what they are owed or initiate a restructuring.
The Wall Street titan’s bankruptcy triggered a system-wide crisis of confidence in banks across the globe.
It’s also been said that these last few many years are marked in history as biggest global economy crisis.