Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gemini is a sole trader who runs a small business importing handcrafted furniture from Indonesia for sale in Perth to local consumers. Due to the

Gemini is a sole trader who runs a small business importing handcrafted furniture from Indonesia for sale in Perth to local consumers. Due to the restrictions caused by COVID-19 however, the business is not able to import furniture and for 4 months, Gemini has run down the stock and now has an empty warehouse.

Gemini has several creditors who have been patient and understanding during the pandemic but are now demanding monies owed. This includes back payments of leasing fees on the warehouse ($6000) as well as utility bills totalling $2400 (electricity, phone, internet). Gemini owns a semi- trailer truck used to collect and deliver the furniture to clients but sold the truck for $45000 last week and has put that money into her superannuation fund as a voluntary contribution.

Advise Gemini and the creditors on any courses of action they can take,

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elliott And Quinn's Criminal Law

Authors: Louise Taylor

12th Edition

1292208481, 978-1292208480

More Books

Students also viewed these Law questions

Question

Always show respect for the other person or persons.

Answered: 1 week ago

Question

Self-awareness is linked to the businesss results.

Answered: 1 week ago

Question

1. Too reflect on self-management

Answered: 1 week ago