Rich Pte Ltd has gone into insolvent liquidation. The company has a factory in Singapore. Beng owns 10,000 ordinary shares in Rich Pte Ltd, which are paid up to 50%. The company owes;
(i) $130,000 in unpaid wages to employees,
(ii) $200,000 in respect of goods bought on credit,
(iii) $1 million to a bank supported by a fixed charge over the land on which the factory is built.
Required:
(b) Explain the order of priority for payment of the debts owed by Rich Pte Ltd. (7 marks)
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