notifying the OSB and the Inspectors of the estate that they are acting for the equipment financing companies, the basis of their remuneration and the opinion from the independent legal counsel; Engagement letter from equipment financing companies; Keeping of time separately from that of acting as Trustee; and Agreement of allocation of costs to be paid by the equipment financing companies For GHI Finance Co and JKL Finance Co, a legal opinion from the Trustee’s legal counsel will also be required. The Trustee can advise them to file a proof of claim and value their security. If the Trustee, and the Inspectors believe that this is a fair value and there is some benefit to the estate, the Trustee can redeem their security for the values provided in the Proofs of Claim. The Trustee will be required to conform with the requirements under Directive 10 to ensure that no levy is payable. Your junior assistant, to the best of his/her knowledge, has drafted the trustee’s preliminary report on administration, and has provided it to you for review. Question: Using the Statement of Affairs shown in Exhibit D and the trustee’s draft report shown in Exhibit E, identify what is missing and what needs to be corrected before submitting the Trustees report to Mr. Smith for approval. Answer: A correctly completed trustee’s report is shown in Appendix 2 of the answer appendix document. Section 5 First Meeting of Creditors – Objectives To trial the trustee’s statutory obligations To understand how a creditors’ meeting usually functions
notifying the OSB and the Inspectors of the estate that they are acting for the equipment financing companies, the basis of their remuneration and the opinion from the independent legal counsel; Engagement letter from equipment financing companies; Keeping of time separately from that of acting as Trustee; and Agreement of allocation of costs to be paid by the equipment financing companies For GHI Finance Co and JKL Finance Co, a legal opinion from the Trustee’s legal counsel will also be required. The Trustee can advise them to file a proof of claim and value their security. If the Trustee, and the Inspectors believe that this is a fair value and there is some benefit to the estate, the Trustee can redeem their security for the values provided in the Proofs of Claim. The Trustee will be required to conform with the requirements under Directive 10 to ensure that no levy is payable. Your junior assistant, to the best of his/her knowledge, has drafted the trustee’s preliminary report on administration, and has provided it to you for review. Question: Using the Statement of Affairs shown in Exhibit D and the trustee’s draft report shown in Exhibit E, identify what is missing and what needs to be corrected before submitting the Trustees report to Mr. Smith for approval. Answer: A correctly completed trustee’s report is shown in Appendix 2 of the answer appendix document. Section 5 – First Meeting of Creditors Objectives To the trustee’s statutory obligations To understand how a creditors’ meeting usually functions trial