Scribd
Upload
62 views6 pages

Aw

This document provides financial information for Robin Jaycob M. Saliva including: 1) Assets pledged as collateral and amounts available for unsecured creditors 2) Estimated deficiency of $830,000 based on total assets of $2.1M and secured/priority claims 3) Expected recovery percentage for unsecured creditors is 20.95% based on estimated deficiency and unsecured liabilities

Uploaded by

Robin Saliva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
62 views6 pages

Aw

This document provides financial information for Robin Jaycob M. Saliva including: 1) Assets pledged as collateral and amounts available for unsecured creditors 2) Estimated deficiency of $830,000 based on total assets of $2.1M and secured/priority claims 3) Expected recovery percentage for unsecured creditors is 20.95% based on estimated deficiency and unsecured liabilities

Uploaded by

Robin Saliva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 6

SALIVA, ROBIN JAYCOB M.

1.) ASSETS PLEDGE TO FULLY SECURED CREDITORS:


Land 1,300,000
Loan payable (750,000)
Available for unsecured creditors 550,000

2.) ASSETS PLEDGE TO PARTIALLY SECURED CREDITORS:


Equipment, net 150,000
Notes payable (500,000)
Available for unsecured creditors -

3.) FREE ASSETS & NET FREE ASSETS:


Excess of land over loan payable 550,000
Cash 200,000
Accounts receivable 450,000
Total free assets 1200000
Unsecured liabilities with priority:
Administrative expenses (180,000)
Salaries payable (800,000)
Net free assets 220,000

4.) UNSECURED LIABILITIES WITH PRIORITY:


Administrative expenses 180,000
Salaries payable 800,000
Total 980,000

5.) FULLY SECURED LIABILITIES:


Loan payable 750,000

6.) PARTIALLY SECURED LIABILITIES:


Notes payable 500,000
7.) ESTIMATED DEFICIENCY:
NRV of total assets 2,100,000
Unsecured liabilities with priority:
Salaries payable (800,000)
Administrative expenses (180,000) (980,000)
Fully secured liabilities:
Loan payable (750,000)
Secured portion of partially secured liabilities:
Notes payable(fair value of equipment) (150,000)
Total 220,000
Unsecured liabilities without priority:
Notes payable excess over fair value of equipment(500k-150k) (350,000)
Accounts payable (700,000)
Estimated deficiency (830,000)

8.) ESTIMATED RECOVERY PERCENTAGE


Net free assets 220,000
Divided by: Total unsecured liabilities without prior 1,050,000
Estimated recovery percentage 20.95%
Computation for total unsecured liabilities without priority:
Notes payable excess over fair value of equipment 350,000
Accounts payable 700,000
Total 1,050,000

9.) EXPECTED COLLECTION OF MR. A


Claim of Mr. A 500,000
Multiplied by: Estimated recovery percentage 20.95%
Expected collection of Mr. A 104,750
10.) STATEMENT OF AFFAIRS
BYE-BYE CORPORATION
STATEMENT OF AFFAIRS
AS OF JANUARY 1, 20X1

BOOK VALUES ASSETS REALIZABLE VALUES


ASSETS PLEDGE TO FULLY SECURED CREDITORS:
1,000,000 Land 1,300,000
Loan payable (750,000)
ASSETS PLEDGE TO PARTIALLY SECURED CREDITORS:
600,000 Equipment, net 150,000
Notes payable (500,000)
FREE ASSETS:
200,000 Cash 200,000
500,000 Accounts receivable 450,000
Total free assets
Unsecured liabilities with priority
Net free assets
Estimated deficiency
2,300,000 Totals
BOOK VALUES LIABILITIES REALIZABLE VALUES
UNSECURED LIABILITIES WITH PRIORITY:
- Administrative expenses 180,000
800,000 Salaries payable 800,000
FULLY SECURED LIABILITIES:
750,000 Loan payable 750,000
PARTIALLY SECURED LIABILITIES:
500,000 Notes payable 500,000
Equipment, net (150,000)
UNSECURED LIABILITIES WITHOUT PRIORITY:
700,000 Accounts payable 700,000
(450,000) SHAREHOLDER'S EQUITY -
2,300,000 Totals
AVAILABLE FOR
UNSECURED CREDITORS

550,000
EDITORS:

650,000
1,200,000
(980,000)
220,000
830,000
1,050,000
UNSECURED NON-PRIORITY
LIABILITIES

350,000
700,000
-
1,050,000

You might also like