Corporate Liquidation

Question 1

What are the unsecured Liabilities WITH priority
In order

Answer 1

1. Necessary Funeral Expense
2. Debts due for personal services rendered the to insolvent by employees, laborers servants
3. Compensation/Salary to Laborers
4. Legal Expenses
5. Debts, taxes, and assessment due to National Government
6. Debts, taxes, and assessment due to provinces of PH
7. Debts, taxes, and assessment due to municipalities of PH

Question 2

When the residual amount available to unsecured creditors is not sufficient to cover their claims, the difference is called the

Answer 2

Estimated deficiency to Unsecured Creditors

Question 3

Interes payable is classified with the debt to which it relates because the pledged assets are security for both the principal and interest

Answer 3

True. Sample, fully secured and NP, pati interest fully secured

Question 4

Estimated liquidation expense is classified as secured or unsecured?

Answer 4

Unsecured with priority!

Question 5

Legal and accounting fees not related to tye bankruptcy classified as?

Answer 5

Unsecured creditors WITHOUT PRIORITY

Question 6

Two types of Unsecured Creditors

Answer 6

With Priority
Without Priority

Question 7

Estimated Recovery of Unsecured without priority percentage / dividend to UCWP=

Answer 7

Net Free Assets / Total Unsecured Creditors WITHOUT priority

Pwede din prorata to compute devidend

Question 8

Preferred Claims

Answer 8

Is Liability with priority