On March 15, 2020, Nichols Corporation, an garden implement dealer, was petitioned into involuntary bankruptcy under the liquidation provisions of Chapter 7 of the Federal Bankruptcy Code. When the petition was filed, Nichols' creditors included: Secured Creditors: Amount Owed Renansant Bank. Ist mortgage on store building $120,000 Johnson Supply Company PMSI in inventory 40,000 Intelnext - Perfected Security interests in fixtures 30,000 UNSECURED CREDITORS IRS 2018 Federal Income Taxes 25,000 Hilliard Janitorial Service for Jan & Feb 2020 900 Wes Dearrfemployee) Commission for February 2,000 City of Oxford Electric Department (Jan & Feb 2020) 750 Tractor Supply Company - Supplies purchased in 2019 2,000 All of Nichols assets were liquidated. The building sold for 580,000, the fixtures sold for $15,000, and the inventory sold for $25,000. After paying, the bankruptcy administration expenses, secured creditors from the proceeds of their collateral), and priority general creditors, there was enough to pay each non-priority general creditor 50 cents on the dollar. of the five following creditors: A. Johnson Supply Company, B. Wes Dean, C. Bankruptcy Court, D. Hilliard Janitorial Services, E. Internal Revenue Service. List them in order of bankruptcy priority Question Completion Status: UNSECURED CREDITORS: IRS 2018 Federal Income Taxes 25,000 Hilliard Janitorial Service for Jan & Feb 2020 900 Wes Dean (employee) Commission for February 2,000 City of Oxford Electric Department (Jan & Feb 2020) 750 Tractor Supply Company Supplies purchased in 2019 2,000 All of Nichol's assets were liquidated. The building sold for $80,000, the fixtures sold for $15,000, and the inventory sold for $25,000. After paying the bankruptcy administration expenses, secured creditors (from the proceeds of their collateral), and priority general creditors, there was enough to pay each non-priority general creditor 50 cents on the dollar. of the five following creditors: A. Johnson Supply Company, B. Wes Dean, C. Bankruptcy Court, D. Hilliard Janitorial Services, E. Internal Revenue List them in order of bankruptcy priority O ADRE, BD O C, B, A, ED OB, ACDE O AC, B, ED OCB, E, DA On March 15, 2020, Nichols Corporation, an garden implement dealer, was petitioned into involuntary bankruptcy under the liquidation provisions of Chapter 7 of the Federal Bankruptcy Code. When the petition was filed, Nichols' creditors included: Secured Creditors: Amount Owed Renansant Bank. Ist mortgage on store building $120,000 Johnson Supply Company PMSI in inventory 40,000 Intelnext - Perfected Security interests in fixtures 30,000 UNSECURED CREDITORS IRS 2018 Federal Income Taxes 25,000 Hilliard Janitorial Service for Jan & Feb 2020 900 Wes Dearrfemployee) Commission for February 2,000 City of Oxford Electric Department (Jan & Feb 2020) 750 Tractor Supply Company - Supplies purchased in 2019 2,000 All of Nichols assets were liquidated. The building sold for 580,000, the fixtures sold for $15,000, and the inventory sold for $25,000. After paying, the bankruptcy administration expenses, secured creditors from the proceeds of their collateral), and priority general creditors, there was enough to pay each non-priority general creditor 50 cents on the dollar. of the five following creditors: A. Johnson Supply Company, B. Wes Dean, C. Bankruptcy Court, D. Hilliard Janitorial Services, E. Internal Revenue Service. List them in order of bankruptcy priority Question Completion Status: UNSECURED CREDITORS: IRS 2018 Federal Income Taxes 25,000 Hilliard Janitorial Service for Jan & Feb 2020 900 Wes Dean (employee) Commission for February 2,000 City of Oxford Electric Department (Jan & Feb 2020) 750 Tractor Supply Company Supplies purchased in 2019 2,000 All of Nichol's assets were liquidated. The building sold for $80,000, the fixtures sold for $15,000, and the inventory sold for $25,000. After paying the bankruptcy administration expenses, secured creditors (from the proceeds of their collateral), and priority general creditors, there was enough to pay each non-priority general creditor 50 cents on the dollar. of the five following creditors: A. Johnson Supply Company, B. Wes Dean, C. Bankruptcy Court, D. Hilliard Janitorial Services, E. Internal Revenue List them in order of bankruptcy priority O ADRE, BD O C, B, A, ED OB, ACDE O AC, B, ED OCB, E, DA
