Tim Taylor's Bankruptcy Form was accepted and endorsed by the Official Receiver on the 18th March 2022.

Creditors (including Distributions)

Creditors must "prove their debt" before they can participate in the distribution of moneys from the bankrupt's estate. For a creditor to have a "provable debt (meaning that the creditor has provided sufficient proof of their claim to the trustee )the criteria ins82Bankruptcy Actmust be satisfied. For example a claim must be in monetary terms, or able to be estimated: s82(6); it must be legally enforceable; interest up to the date of bankruptcy is provable if the creditor was in fact entitled to claim interest (eg under contract).

To prove their debt in a bankruptcy the creditor must lodge a written proof of debt with the Trustee:s84(1) Bankruptcy Act. If a proof is lodged and accepted the creditor is said to have been "admitted" to proof. The proof of debt lodged must be in accordance with the approved form: (AFSA Form 8). The proof of debt must contain the particulars of the debt , refer to supporting documents such as invoices, the debt must be founded upon an obligation incurred by the bankruptbefore the date of bankruptcy.

A Trustee will realise assets and collect income contributions during the course of their administration of the bankrupt's estate. A trustee may pay interim dividends to creditors from such proceeds. However, the trustee must ensure that priority creditors (s109Bankruptcy Act) have been satisfied in full, before the balance of the estate is distributed to the unsecured creditors equally under the principle of "pari passu". Often the claims of the priority creditors under s109 exhaust the bankrupt estate's funds so that ordinary unsecured creditors receive nothing.

Adjudication of Proofs of Debts

Please adjudicate the Proofs of debts provided by Westpac andVeronica Mars and recommend whether the proofs should be accepted or rejected in full or in part. Provide justifications and evidence for your recommendations.

Answer with an appropriate law under Bankruptcy Act 1966

(Also I wondering if the 'Loan tranche' can be accept as a proof of debts without any other evidence.)

Creditor Details Creditor name Veronica mars Postal address Postcode 15 Gravel Drive Benowa 4217. Creditor reference Creditor ABN Contact information Title Given name/s Surname MS Veronica mars Contact number Fax number 0408760 2 20 Email address ronnymars @ hotmail.com Do you hold any security?