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Good day
Source: PM kaplan study text, 2021/2021 page 440.
The scenario is about the liquidation of the company. I understand that after the 12% loan note holders where paid out, the remaining amount was $4500 000. But then it said this doesn’t cover $7600 000(for the bank & payables inthe balance sheet) which is true, and they said these unsecured creditors will be ranked equally.
I don’t under how they say, out of $4500 000, the amount of $2950 000 will allocated to the bank?
Please help
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