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Question - Jason Company is under court-supervised liquidation due to its insolvency.
The court appointed liquidator has provided the following data after conducting an inventory of Jason's assets and liabilities:
The total assets which are not used as security for any liability amounted to P5M (before deducting with priority) while the total unsecured liabilities without priority amounted to P20M.
The total assets which are used as collateral or security for corporate obligations amounted to P10M. ¾ of these assets secure a mortgage payable with book value of P2M including interest while the remainder secure a note payable with the book value of P3.5M including interest.
Salaries payable amounted to P2M while taxes due government amounted to P1M.
Required - What is the estimated recovery percentage of unsecured creditors without priority?
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