Question
Sahana is the trustee of Gina's bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre. The business
Sahana is the trustee of Gina's bankrupt estate. Gina owns a boutique business which operates from rented premises in a local shopping centre.
The business itself is successful. The petitioner's debt is not business-related. Gina is a qualified engineer and if she were to give up the shop, she could earn at least $130,000 p.a. as an employee.
Gina is single and has no dependents. Gina owns an apartment worth $500,000 which is secured to TownBank. The outstanding mortgage is $330,000 The petitioner's debt is $80,000. Additional unsecured debts for the business are approximately $30,000. Gina has a personal credit card debt of $10,000. Gina leases a car. She owns furniture, clothes, jewellery, a musical instrument, and other personal effects. Gina also has $200,000 in a superannuation fund. Unfair preferences were paid to six (6) creditors prior to the presentation of the creditor's petition which totalled $4300.
Required:
Assume you are Sahana. In a roughly chronological order, explain what actions you will take and decisions you will make as trustee of the estate.
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