Martin Electrical Limited carried on business as an electrical contractor for many years. Martin was

Martin Electrical Limited carried on business as an
electrical contractor for many years. Martin was the sole shareholder of the
corporation. Three years ago, the corporation purchased a warehouse building
for $150,000. The building was financed in part by a mortgage loan on the
building from Martin’s spouse in the amount of $125,000. A year later, Martin
purchased a new truck for $35,000, financing it by a conditionalsale agreement
to the truck dealer, who subsequently assigned it to Auto Finance Ltd. Over the
past year, business gradually began to slow down for the corporation, and in an
»

Martin Electrical Limited carried on business as an
electrical contractor for many years. Martin was the sole shareholder of the
corporation. Three years ago, the corporation purchased a warehouse building
for $150,000. The building was financed in part by a mortgage loan on the
building from Martin’s spouse in the amount of $125,000. A year later, Martin
purchased a new truck for $35,000, financing it by a conditionalsale agreement
to the truck dealer, who subsequently assigned it to Auto Finance Ltd. Over the
past year, business gradually began to slow down for the corporation, and in an
effort to help the corporation meet its debts, Martin personally loaned the
corporation $30,000, in return for a promissory note for the amount loaned.
When business did not improve, Martin realized that the business could not
continue, and notified his creditors that operations would cease. The principal
creditor, Big Business Bank, who was owed $25,000 secured by a chattel mortgage
on inventory and a unsecured line of credit of $30,000, joined unpaid suppliers
(who were owed $45,000) in a bankruptcy petition. Accounts receivable in the
amount of $15,000, inventory of $30,000 in stock, and cash in the bank of
$1,000 were the only other assets of the corporation. Martin, as an employee of
the corporation was owed unpaid wages of $3,000. The trustee in bankruptcy fees
would probably be $5,000. If the property and assets were sold for the amounts
as indicated, determine how the claims of the creditors would be assessed by
the trustee. What objections might be made to some of the creditors’ claims?

»

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