Show all working and the order of priority for repayment of the creditors and shareholders.

$($b$)$ Comment on the implication of your calculations in $($a$)$ to your bank.

$(20$ marks$)$

QUESTION $3$

$($a$)$ When a debtor is declared bankrupt, it is usual for the official receiver to present his statement of affairs, detailing out his assets and liabilities in an orderly format comprising of different lists. Mention them in chronological order.

$(5$ marks$)$

$($b$)$ Ajenifuja filed a petition in bankruptcy on $31$ October, $2022.$ His assets and liabilities are as follows:

$\backslash$table$[[$Assets$,N$