Question
2. Henry owns all the common stock and Jill owns all the preferred stock of Alpha Corp., which is now insolvent.Alpha Corp. had been validly
2. Henry owns all the common stock and Jill owns all the preferred stock of Alpha Corp., which is now insolvent.Alpha Corp. had been validly formed under the statutes, complied with all appropriate formalities and neither Henry nor Jill disregarded the corporate separateness in any way.The creditors, realizing that the assets of Alpha Corp. will not be sufficient to satisfy all of their claims, sue Henry and Jill personally.Discuss who, if anyone, is liable to each of the following creditors:
(a) A, a creditor for $17,000 who sold inventory to Alpha Corp.
(b) B, a bookkeeper formerly employed by Alpha Corp., who is owed $20,000 for salary and accrued benefits.
(c) C, the landlord who is owed rent of $36,000 for the past 6 months.
(d) D Bank, which granted a $50,000 loan to Alpha Corp.; Henry and Jill personally guaranteed the loan.
(e) E, a pedestrian who was injured by Henry while Henry was driving the corporation car on company business.
(f) F, a pedestrian who was severely injured by Bob (an employee of Alpha Corp.) driving the corporation car to make deliveries to customers.
(g) G, an accountant who is owed $3,000 for his accounting services in preparing Alpha Corp.'s tax returns and financial statements.
(h) H, who leased office equipment to Alpha Corp. Henry personally guaranteed the lease.
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