1&q=245183&dq=0&dnb=0 nation Time Left:2:52:54 Mohamed Abakhr Abdelkharem: Attempt 1 Question 11 (3 points) Question 3 Atlanta Pty Ltd (Atlanta) made a request for an overdraft of $100,000 from Bank of Adelaide (BOA). The branch manager of BOA replied that the bank is prepared to provide it provided Atlanta gives or arranges appropriate security. Atlanta's directors Annie and Tomas realise that Atanta does not own any suitable assets, and suggest that Annie's parents might be willing to enter a guarantee with BOA, backed by a mortgage over their home, to secure the overdraft. At a meeting between the parties, the manager informs Annie's parents that there is very little risk' for them in such transaction. As a result, they sign the relevant documents, without consulting anyone else for advice. A few months later, Atlanta defaults under its overdraft and is insolvent. As a result, BOA demadds payment of the overdraft from the parents. When they refuse to pay, BOA attempts to enforce the guarantee against them, which would inevitably result in the sale of their home. Required: til. For this part only, assume the parents did meet BOA's demand to pay under the guarantee, thereby avoiding the forced sale of their home. Identify the rights they may now exercise as guarantors: Paragraph B 1 Lito (Roon 10px o 2 27C Mostly sun hp es - (BLO34 x Minboe (590) - mis X C State Whether Th X CRBA APRA And X () g/user/attempt/quiz_start_frame_auto.d2l?ou = 1008472&isprv=&.drc=1&qi=245183cfql=0&db=0 nination 0 Time Left:2:52:27 Mohamed Abakhr Abdelkharem: Attempt 1 Question 12 (4 points) Question 3 Atlanta Pty Ltd (Atlanta) made a request for an overdraft of $100,000 from Bank of Adelaide (BOA). The branch manager of BOA replied that the bank is prepared to provide it provided Atlanta gives or arranges appropriate security. Atlanta's directors Annie and Tomas realise that Atanta does not own any suitable assets, and suggest that Annie's parents might be willing to enter a guarantee with BOA, backed by a mortgage over their home, to secure the overdraft. At a meeting between the parties, the manager informs Annie's parents that there is very little risk' for them in such transaction. As a result, they sign the relevant documents, without consulting anyone else for advice. - A few months later, Atlanta defaults under its overdraft and is insolvent. As a result, BOA demands payment of the overdraft from the parents. When they refuse to pay, BOA attempts to enforce the guarantee against them, which would inevitably result in the sale of their home. Required: iv. When Atlanta was unable to pay BOA as a result of its insolvency, discuss an insolvency process BOA could have taken against Atlanta as an alternative to pursuing the parents under the guarantee. Paragraph B U Lato (Reco 19px o DI 27C Most! 1&q=245183&dq=0&dnb=0 nation Time Left:2:52:54 Mohamed Abakhr Abdelkharem: Attempt 1 Question 11 (3 points) Question 3 Atlanta Pty Ltd (Atlanta) made a request for an overdraft of $100,000 from Bank of Adelaide (BOA). The branch manager of BOA replied that the bank is prepared to provide it provided Atlanta gives or arranges appropriate security. Atlanta's directors Annie and Tomas realise that Atanta does not own any suitable assets, and suggest that Annie's parents might be willing to enter a guarantee with BOA, backed by a mortgage over their home, to secure the overdraft. At a meeting between the parties, the manager informs Annie's parents that there is very little risk' for them in such transaction. As a result, they sign the relevant documents, without consulting anyone else for advice. A few months later, Atlanta defaults under its overdraft and is insolvent. As a result, BOA demadds payment of the overdraft from the parents. When they refuse to pay, BOA attempts to enforce the guarantee against them, which would inevitably result in the sale of their home. Required: til. For this part only, assume the parents did meet BOA's demand to pay under the guarantee, thereby avoiding the forced sale of their home. Identify the rights they may now exercise as guarantors: Paragraph B 1 Lito (Roon 10px o 2 27C Mostly sun hp es - (BLO34 x Minboe (590) - mis X C State Whether Th X CRBA APRA And X () g/user/attempt/quiz_start_frame_auto.d2l?ou = 1008472&isprv=&.drc=1&qi=245183cfql=0&db=0 nination 0 Time Left:2:52:27 Mohamed Abakhr Abdelkharem: Attempt 1 Question 12 (4 points) Question 3 Atlanta Pty Ltd (Atlanta) made a request for an overdraft of $100,000 from Bank of Adelaide (BOA). The branch manager of BOA replied that the bank is prepared to provide it provided Atlanta gives or arranges appropriate security. Atlanta's directors Annie and Tomas realise that Atanta does not own any suitable assets, and suggest that Annie's parents might be willing to enter a guarantee with BOA, backed by a mortgage over their home, to secure the overdraft. At a meeting between the parties, the manager informs Annie's parents that there is very little risk' for them in such transaction. As a result, they sign the relevant documents, without consulting anyone else for advice. - A few months later, Atlanta defaults under its overdraft and is insolvent. As a result, BOA demands payment of the overdraft from the parents. When they refuse to pay, BOA attempts to enforce the guarantee against them, which would inevitably result in the sale of their home. Required: iv. When Atlanta was unable to pay BOA as a result of its insolvency, discuss an insolvency process BOA could have taken against Atlanta as an alternative to pursuing the parents under the guarantee. Paragraph B U Lato (Reco 19px o DI 27C Most
