1. Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligations of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year.

1. Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligations of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year.

  admin   Feb 23, 2017   Uncategorized   0 Comment

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1. Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligations of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year.

DISCUSS THE FOLLOWING:

WHAT ARE THE OPTIONS AVAILABLE TO THE CREDITORS AND ESSEXS?

DISCUSS How is a bankruptcy estate administered? What chapter would be best here and why? Why not the other chapters?

What are debtor’s rights and duties in bankruptcy?

When are debts discharged in bankruptcy?—WHAT RIGHTS MIGHT Steven Machine have?—DISCUSS OPTIONS, AND HOW AND IF THEY CAN BE PURSUED.

2. Peter, a Massachusetts resident, applied for a loan at three banks. Peter’s application was denied at the first two banks but finally was approved by the third institution. Peter believes that the first two banks denied his application because of his minority status. No explanation ever was provided by the banks denying Peter’s request for funds. After obtaining the loan, Peter soon found himself unable to make the prescribed payments. Peter went into default, causing the bank to turn his case over to a collection agency. The collection agency called him night and day and were very abusive in their collection practices. Peter became quite distraught and unable to function at his job. As a result, Peter soon was fired. Peter asks your advice regarding his legal rights. DISCUSSS ANY ISSUES OF LAW PRESENTED AND ANY LEGAL ACTIONS THAT PETER MAY PURSUE.

3. Cameo Industries desired a workplace free from all forms of sexual harassment. Accordingly, Cameo developed guidelines for its workers that specifically forbade sexual harassment. The guidelines gave examples of conduct that would not be tolerated, provided penalties, designated a company official as the proper person to whom complaints should be brought, investigated complaints thoroughly, and maintained an educational policy designed to remind employees of the policy.

Maureen made a complaint of sexual harassment charging her supervisor had demanded sexual favors. An investigation was made and the charge was substantiated. The supervisor was warned not to continue this conduct, but it happened again. The supervisor was again issued a warning. Finally, Maureen brought a court action against the supervisor and Cameo. Cameo defended on the ground that it had done all in its power to rectify the situation.

DISCUSS, THE LAW, OPTIONS, POSSIBLE OUTCOME, POLICIES THE COMPANY SHOULD HAVE IN THE FUTURE .

4. Suzy Bartles enters into an oral contract to purchase a tract of land from Bill Hermes. The land is considered worthless, but Bartles feels that she has discovered a possible usage that would drastically increase the value of the land. To assure herself of the potential value of the land, Bartles orally hires an attorney to investigate the title and records associated with the land in question. Before gaining any information from her attorney, Bartles orally contracts with a builder to construct a huge building on the site. Because of the size of the project, a completion time is difficult to predict. Bartles now discovers that the land is indeed useless, a fact that she obtains through information from her attorney. Bartles now refuses to honor her contracts with Hermes, her attorney, and the builder. DISCUSS, Must Bartles honor her contractual agreements?

DISCUSS AND DECIDE BOTH CASES. WHAT LAWS/ISSUES OF LAW WILL YOU USE TO MAKE YOUR POSITION.

5. On January 15, 1990, Anders brought an action against Barnes for breach of a contract for the sale of electronic parts. The breach occurred on January 10, 1986, and Anders discovered the breach on January 20, 1986. The state statute of limitations for contract actions is five years. Barnes raised the UCC statute of limitations as a defense to the action.

DISCUSS, THE LEGAL ISSUES PRESENTED, ANY DEFENSES, REMEDIES.

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