Reference no: EM132939337
Question - BROWN RED, INC. a closely-held corporation was undergoing liquidation. The total cash value of BROWN RED's bankruptcy estate after the sale of all assets and payment of administrative expenses is P115,200.
BROWN RED has the following creditors:
Fracon Bank is owed P57,600 on a mortgage loan secured by BROWN RED's real property. The property was valued at and sold, in bankruptcy, for P53,760.
The BUREAU of INTERNAL REVENUE has a P9,216 recorded judgment for unpaid corporate income tax.
JOG Office Supplies has an unsecured claim of P2,304 that was timely filed.
Nanstar Electric Company has an unsecured claim of P7,680 that was timely filed.
Liquid Corporation is owed P38,400 in a loan contractsecured by BROWN RED's notes receivable which realized P46,080.
Decoy Publications has a claim of P12,288, which is secured by BROWN RED's inventory that was valued and sold, in bankruptcy, for P1,536. The claim was timely filed.
Required -
1. Calculate the total amount recoverable by partially secured creditors?
2. Calculate the total amount recoverable by unsecured creditors with priority?
3. Calculate the total amount recoverable by fully secured creditors?
4. Calculate the total amount recoverable by unsecured creditors without priority?
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