MAS06-Business and Company Law - T2 2020 - Final Assessment Paper - Saved rajpschhetri Sensitivity Draw Design Layout References Mailings Review View Help EndNote Grammarly Table Design Layout -11 - A A Aa A SEE ALI Find AaBbcc AabbCd AaBbcc AaBCD Replace ab X, X APA Es. - Heading 2 Heading 3 T Normal 11 Questio... Dictate Select- Font Paragraph Styles 5 Editing Voice 24.01.2015 16 17 Hani was a famous artist. He became bankrupt on 1st February 2009 when a sequestration order was made. The bankruptcy petition was based on Honi's failure to comply with a bankruptcy notice on 27th November 2008 15 Sensitivity Hon had the following debts: Trade creditors $1.5 million, Money owing to Samantha, a former employee, being $5,000 for wages and $2,000 for long service leave Unpaid taxation deduction for Samantha's wages and superannuation $2,000. . Unpaid Child support for his son Heke $150,000 The costs of the petitioning creditor and the trustee total $10,000 each Hont died on 28th February 2009. His funeral and cremation expenses totalled $8,000 The trustee has located the following assets Cash in Hani's bank account $20,000 (proceeds of auction) Paintbrushes and art material $3,800 Paintings $85,000 (not the ones sold at auction) Life insurance policy of $50,000 taken out in 1998 , The trustee discovers the following facts On 10th August 2007 Hon had settled $10,000 on Pana in anticipation of their marriage. The marriage took place on 11th August 2007. Pania died on January 21st 2008. $10,000 was spent on funeral expenses. On 15th March 2008 Hon gave Goldi a painting worth $50,000. On June 1st 2008, Honi failed to comply with a bankruptcy notice On 25th June 2006 Hon sold his Jaguar car worth $25,000 to Gold for $100. On 30th January 2009 Honi sold paintings he thought to be worth $200,000 at public auction. The paintings realised only $20,000 and were bought by Hond's mother Required: Stating legislative provisions in the Bankruptcy Act 1966 Isth) and appropriate case law, where possible, advise the trustee what debts have priority and how much each will receive (10 marks] Focus 39 3 English (Australia vo MAS06-Business and Company Law - T2 2020 - Final Assessment Paper - Saved rajpschhetri Sensitivity Draw Design Layout References Mailings Review View Help EndNote Grammarly Table Design Layout -11 - A A Aa A SEE ALI Find AaBbcc AabbCd AaBbcc AaBCD Replace ab X, X APA Es. - Heading 2 Heading 3 T Normal 11 Questio... Dictate Select- Font Paragraph Styles 5 Editing Voice 24.01.2015 16 17 Hani was a famous artist. He became bankrupt on 1st February 2009 when a sequestration order was made. The bankruptcy petition was based on Honi's failure to comply with a bankruptcy notice on 27th November 2008 15 Sensitivity Hon had the following debts: Trade creditors $1.5 million, Money owing to Samantha, a former employee, being $5,000 for wages and $2,000 for long service leave Unpaid taxation deduction for Samantha's wages and superannuation $2,000. . Unpaid Child support for his son Heke $150,000 The costs of the petitioning creditor and the trustee total $10,000 each Hont died on 28th February 2009. His funeral and cremation expenses totalled $8,000 The trustee has located the following assets Cash in Hani's bank account $20,000 (proceeds of auction) Paintbrushes and art material $3,800 Paintings $85,000 (not the ones sold at auction) Life insurance policy of $50,000 taken out in 1998 , The trustee discovers the following facts On 10th August 2007 Hon had settled $10,000 on Pana in anticipation of their marriage. The marriage took place on 11th August 2007. Pania died on January 21st 2008. $10,000 was spent on funeral expenses. On 15th March 2008 Hon gave Goldi a painting worth $50,000. On June 1st 2008, Honi failed to comply with a bankruptcy notice On 25th June 2006 Hon sold his Jaguar car worth $25,000 to Gold for $100. On 30th January 2009 Honi sold paintings he thought to be worth $200,000 at public auction. The paintings realised only $20,000 and were bought by Hond's mother Required: Stating legislative provisions in the Bankruptcy Act 1966 Isth) and appropriate case law, where possible, advise the trustee what debts have priority and how much each will receive (10 marks] Focus 39 3 English (Australia vo