12 Administration When Beacon Computers entered insolvency, it had the following balance sheet information:

Liquidating Value (£) Claims (£)

Trade credit 3,000 Secured mortgage notes 6,000 Senior debentures 5,000 Junior debentures 9,000 Total assets 15,500 Book equity −7,500 Assuming there are no legal fees associated with the bankruptcy, as trustee what distribution of liquidating value do you propose?