1. In case of liquidation, please list the following parties in the order of their priority on claiming the assets (from top to bottom)? Please include: Secured Creditors, Preferred shareholders, Common shareholders, General Creditors

2 Suppose your firm's cash flow projections indicate that it will soon be unable to meet scheduled interest payments on its debt. Can you file for bankruptcy now or do you have to wait until the day that you actually default on a scheduled payment?