Sahana is the trustee of Gina’s bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre. The business itself is successful. The petitioner’s debt is not business-related. Gina is a qualified engineer and if she were to give up the shop, she could earn at least $130000 p.a. as an employee. Gina is single and has no dependents. Gina owns an apartment worth $500000 which is secured to TownBank. The outstanding mortgage is $330000. The petitioner’s debt is 80000. Additional unsecured debts for the business are approximately $30000. Gina has a personal credit card debt of $10000. Gina leases a car. She owns furniture, clothes, jewellery, a musical instrument and other personal effects. Gina also has $200000 in a superannuation fund. Unfair preferences were paid to 6 creditors prior to the presentation of the Creditor’s petition which totalled $4300. Required: assume you are Suhana. In a roughly chronological order, explain what actions you will take and decisions you will make as trustee of the state.
Sahana is the trustee of Gina’s bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre. The business itself is successful. The petitioner’s debt is not business-related. Gina is a qualified engineer and if she were to give up the shop, she could earn at least $130000 p.a. as an employee. Gina is single and has no dependents. Gina owns an apartment worth $500000 which is secured to TownBank. The outstanding mortgage is $330000. The petitioner’s debt is 80000. Additional unsecured debts for the business are approximately $30000. Gina has a personal credit card debt of $10000. Gina leases a car. She owns furniture, clothes, jewellery, a musical instrument and other personal effects. Gina also has $200000 in a superannuation fund. Unfair preferences were paid to 6 creditors prior to the presentation of the Creditor’s petition which totalled $4300. Required: assume you are Suhana. In a roughly chronological order, explain what actions you will take and decisions you will make as trustee of the state.
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 80P
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Sahana is the trustee of Gina’s bankrupt estate.
- Gina owns a boutique business which operates from rented premises in a local shopping centre. The business itself is successful. The petitioner’s debt is not business-related.
- Gina is a qualified engineer and if she were to give up the shop, she could earn at least $130000 p.a. as an employee. Gina is single and has no dependents.
- Gina owns an apartment worth $500000 which is secured to TownBank. The outstanding mortgage is $330000.
- The petitioner’s debt is 80000. Additional unsecured debts for the business are approximately $30000. Gina has a personal credit card debt of $10000.
- Gina leases a car. She owns furniture, clothes, jewellery, a musical instrument and other personal effects. Gina also has $200000 in a superannuation fund.
- Unfair preferences were paid to 6 creditors prior to the presentation of the Creditor’s petition which totalled $4300.
Required: assume you are Suhana. In a roughly chronological order, explain what actions you will take and decisions you will make as trustee of the state.
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