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1 PAGE | NO-PLAGIARISM | REFERENCE
Essex,
a manufacturing company is in serious financial difficulty and is unable to
meet current unsecured obligation of $1,340,000.00 to some 20 creditors, who
are demanding immediate payment. In that creditor list, Essex owes Steven
Machine Corporation $15000.00 on a secured financing agreement for a CAD machine
that was purchased last year.
DISCUSS THE FOLLOWING:
- What
are the options available to the creditors and essexs? - Discuss
how is a bankruptcy estate administered? What chapter would be best here
and why? Why not the other
chapters? - What
are debtor’s rights and duties in bankruptcy? - When
are debts discharged in bankruptcy?—what rights might steven machine
have?—discuss options, and how and if they can be pursued.
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