Essex, a manufacturing company is in serious financial difficulty, law homework help

Dec 12th, 2016
DotaCN
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Question description

1 PAGE | NO-PLAGIARISM | REFERENCE

Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligation of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year.

DISCUSS THE FOLLOWING:

  • What are the options available to the creditors and essexs?
  • Discuss how is a bankruptcy estate administered? What chapter would be best here and why?  Why not the other chapters?
  • What are debtor’s rights and duties in bankruptcy?
  • When are debts discharged in bankruptcy?—what rights might steven machine have?—discuss options, and how and if they can be pursued. 

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Rice University
PREMIUM TUTOR

please find the attached file. i look forward to working with you again. good bye

Running head: LAW IN BUSINESS

1

Law in Business
Name
Course
University Affiliation
Instructor
Date of Submission

LAW IN BUSINESS

2
Law in Business

Essex Company has a secured debt with Steven Machine Corporation. This means that
Essex Company can be sued in court and forced to pay the debt or the security item to be taken
away by the creditor. The best option for the Steven Machine Corporation is to go to law court to
win a law suit against the Essex Company and take the property that wa...

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