Reference no: EM131153517
Indri runs a soil-testing business; He decides to form a company to take over the business. He is the sole shareholder. Indri sells the business to the company at an inflated price and lends the company $90 000 to help meet the cost of purchase.
As security for the loan, Indri arranges a mortgage over a vacant bloke of land, which he transferred to the company as part of the business sale.
In the first year of operation, the business makes a small profit (after paying both Indri and his daughter's wages), but by the end of 2013 it is clear that the building industry is going through a major slump. Indri becomes desperate and works even harder.
While working late into the night, Indri badly cuts his hand and needs micro-surgery. His efforts to keep the business afloat are in vain and the company is forced into liquidation. On realisation of the assets, it is found that the company has approximately $95 000 to go towards meeting the creditors' claims of $210 000.
(a) If Indri is the only secured creditor, will he get back his $90 000?
(b) Can Indri claim workers' compensation, assuming that he is otherwise entitled to it?
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