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1 PAGE | NO-PLAGIARISM | REFERENCE
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:
are the options available to the creditors and essexs?
how is a bankruptcy estate administered? What chapter would be best here
and why? Why not the other
are debtor’s rights and duties in bankruptcy?
are debts discharged in bankruptcy?—what rights might steven machine
have?—discuss options, and how and if they can be pursued.