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On the 30th June 2014 Child Care Pty Ltd became a public company. At the same time it borrowed $2 million from River Bank Ltd.
On the 30th June 2014 Child Care Pty Ltd became a public company. At the same time it borrowed $2 million from River Bank Ltd. Under the security agreement the loan was secured by a circulating interest over the company’s plant and equipment. Due to an administrative oversight this security interest was not registered BFA213 Corporate Regulation and Accountability 23 until the 15 August 2014. On the 2nd July 2014, Child Care Ltd borrowed $150 000 from Black Finance Ltd. This was also secured by a circulating security interest over the company’s personal property and was registered on the 3rd July 2014. Due to financing issues Child Care Ltd fell into financial difficulties in September 2016. Later that month Jane, a director of the company who was owed $120 000 for unpaid directors fees was granted a circulating interest in respect of the debt. In November 2016 Child Care Ltd went into administration and it is apparent that there are insufficient funds available to pay all secured creditors in full. Advise the administrator of the respective rights of:
(a) River Bank Ltd
(b) Black Finance Ltd
(c) Jane
Please give specific advise
