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Caroline is owed 7,400 by Lopez, who is declared bankrupt. Caroline finds she is an unsecured creditor and eventually receives only 1,184 in payment....
Caroline is owed £7,400 by Lopez, who is declared bankrupt. Caroline finds she is an unsecured creditor and eventually receives only £1,184 in payment.
(a) the rate in the £ which is payable to unsecured creditors
(b) the amount received by an unsecured creditor who is owed £5,750
(c) the amount owed to an unsecured creditor who is paid £2,880
The total owed to unsecured creditors by Lopez is £220,500
He also owes £26,000 to secured creditors
The expenses of winding up the business are £5,260
(d) Calculate the value of the trader’s assets achieved at liquidation.
(e) Express this value of the assets as a percentage of the liabilities before liquidation.