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What would be the priority of the claims as to the distribution of assets in a liquidation under Chapter 7 of the Bankruptcy Act
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What would be the priority of the claims as to the distribution of assets in a liquidation under Chapter 7 of the Bankruptcy Act

User Simon Martin
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Answer:

The redistribution of properties throughout liquidation according to Chapter 7 shall be regulated by that of the preceding precedence of allegations:

Step-by-step explanation:

  • Past-due payments on the land.
  • Safeguarded shareholders who have been qualified to the purchase price of such a particular property that has been guaranteed for something like a bond as well as a mortgage.
  • Legal costs and several other charges for the administration and service of a failed company.
  • Wages owed employees if they are received within three months of submitting a bankruptcy case.
User MischaNix
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