Reference no: EM132971482
Question - Bancarote Inc. is under court-supervised liquidation due to its insolvency. The court appointed liquidator has provided the following data after conducting an inventory of Bancarote's assets and liabilities:
-The total assets which are not used as security for any liability amounted to P5,000,000 while the total unsecured liabilities amounted to P20,000,000.
-The total assets which are used as collateral or security for corporate obligations amounted to P10,000,000. ¾ of these assets secure a mortgage payable with book value of P2,000,000 including interest while the remainder secure a note payable with book value of P3,500,000 including interest.
-Salaries payable amounted to P2,000,000 while taxes due government amounted to P1,000,000.
Required -
What is the estimated recovery percentage of unsecured creditors without priority?
What is the amount received by partially secured creditors?
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