JK Properties has other problems. JK has not submitted taxes and CPP contributicns to the federal govemment totaling $150. 000 for the past year. The TD Bank has a $32 milion loan backed by a general security agreement on JK but JK has missed the past 3 loan payments totaling $90,000. There are 30 JK workers who make $1,000 per week who have not been paid for 5 weeks. Toronto Hydro is owed $10,000 and Doll Computers is owed $30,000 for computers it sold them and wants the money or the machines back. Some of these creditors have threatened to force JK into bankruptcy but JK is hoping to avoid this. Jim King the president and a director of JK, heid an emergency meeting of the board of directors and it voted to pay its worried common shareholders a special dividend which cost the company \$40,000. Jim's sister. Gal is a dentint and an cutside diroctor of JK. She is worried if the company goes bankrupt that she couid be responsible for some of JK's debts, but Jim told her not to worry. Dscuss fuly what would happen if JiKs crediters try to force it into bankruptcy and what options JK has. Outline the steps and rights of all the parties