Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tutorial 8 6. Benboy Bakery San Bhd. was incorporated under the Companies Act 2016 on 31 st January 2017. In February, 2017 BB registered a

image text in transcribed
image text in transcribed
Tutorial 8 6. Benboy Bakery San Bhd. was incorporated under the Companies Act 2016 on 31 st January 2017. In February, 2017 BB registered a floating charge in flavor of Good Loan Bhd over all the movables assets in the bakery shops including al suppliers, furniture and banking equipment. The shoplot which BB operates its business is worth RM 2 million. In April 2017, BB agreed to charge to ABC Bank Bhd to secure a loan sum of RM 1 million . the charge over the shoplot is not registered in May 2017, another floating charge was registered in flavor of Quick Loan over the two Panasonic banking equipment in the bakery only. In June 2017, a fixed charge was registered in flavor of XYZ Bank Bhd over the shoplot to secure a loan amount of RM 500k. based on the information above, analyze the order of priority to repay the company's debts in the event of liquidation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Law Express Employment Law

Authors: David Cabrelli

7th Edition

1292295252, 978-1292295251

More Books

Students also viewed these Law questions

Question

1. Let a, b R, a Answered: 1 week ago

Answered: 1 week ago

Question

The feeling of boredom.

Answered: 1 week ago