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Financial problems in light of issues discussed in lectures

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Reference no: EM133710005

Anahira has a General Security Agreement with Salua Ltd dated 1 June 2023 securing a $2,000,000 loan to Salua Ltd. Under the terms of the agreement, Salua Ltd must make monthly payments of $60,000 for 5 years.

The secured assets are three properties in the North Island.

Salua Ltd is Min Ltd's biggest customer. It is thanks to Salua Ltd that Min Ltd has been able to remain solvent during the post-pandemic years.

Min Ltd owes Anahira $200.000 for services provided in April 2024. There is no security on this debt.

News emerges that Salua Ltd is in a difficult financial situation. It is probable that Salua Ltd will not be able to make the payments to Anahira and that future purchases from Min Ltd are unlikely to happen. Min Ltd's will likely go into liquidation.

1. What are the options for Salua Ltd to solve its financial problems in light of the issues discussed in the lectures? Explain briefly on the basis of the law discussed in the lectures.

2. What can Anahira do about Salua Ltd's financial problems if it defaults on its debt to Anahira? Explain on the basis of the law and case-law discussed in the lectures.

3. What can Anahira do and what cannot do if Min Ltd goes into liquidation?

Reference no: EM133710005

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