Question
11. Sal, Cal and Hal own Big Store Limited, an incorporated company. Each of them owns one-third of the shares. Big Store Limited borrowed $60,000
11. Sal, Cal and Hal own Big Store Limited, an incorporated company. Each of them owns one-third of the shares. Big Store Limited borrowed $60,000 from the bank to finance its operations. The business didn't succeed and was unable to repay the bank loan. The bank sued Big Store Limited, and learned that the company had no assets. The bank then sued Sal, Cal and Hal to recover the $60,000 debt. What is the maximum amount the bank could recover from Cal?
none of the other answers are correct | ||
$60,000 | ||
$20,000 | ||
Nothing |
9. In a personal bankrupcy, which debt is not discharged after 9 months from bankrupcy
a TD visa debt | ||
a personal line of credit debt from bank of Montreal | ||
a debt owing to your dentist | ||
the debt for your student loan |
4. An employer's duty to accomodate is the duty
to provide daycare for all young children of employees | ||
to provide regular lunch breaks for all employees | ||
to hire a certain number of employees from disadvantaged groups in society | ||
to modify working conditions to meet the needs of individuals with special needs |
12. Which statement is incorrect regarding the Personal Property Security Act?
The PPSA permits lenders to see what assets of the debtor have already been used to secure a loan | |||||||||||||||||||||||||||||||||||||||||||||||
The PPSA allows lenders to see all unsecured loans the debtor has | |||||||||||||||||||||||||||||||||||||||||||||||
The PPSA permits lenders to know what other registered debts/loans the debtor has | |||||||||||||||||||||||||||||||||||||||||||||||
The PPSA allows a lendor to see where they are in priority regarding the debtor's debts
15 .Abi Accounting Firm acts as a trustee in bankruptcy for Rufus Restaurant Inc. Which of the following statements is incorrect?
|
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