BSP1004 Tutorial2 - Tutorial 2 1. Luc Kee is a Malaysian...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Tutorial 2 1. Luc Kee is a Malaysian and has a sole proprietorship in Singapore in the form of a retail shop. The shop is rented. He has a car registered in his name and he uses it for both business and private purposes. He also owns an expensive Rolex watch. He lives in a rented HDB house. He also has $1000 in his local bank account which is in his name. Of late his business has not been doing well and he has run into huge debts. The total debts of the business amount to $170000. (a) Advice the creditors as to some of the options open to them. (b) If after all the legal avenues for redress have been exhausted (such as bankruptcy), assuming the creditors have not been fully repaid, is there anything else they can do at that stage? What’s the implication of your answer on a business? (c) Is there anything they could have done earlier (including some sort of insurance/etc – search the web) to protect themselves or minimize the risks? (d) What if the facts were the same as stated in the first paragraph, but Luc Kee was in partnership with Slac Kah in relation to the provision shop? Can they go after one partner instead of the other? (e) What if the facts were the same as stated in the first paragraph, but Luc Kee was running a company
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

BSP1004 Tutorial2 - Tutorial 2 1. Luc Kee is a Malaysian...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online