Case Scenario of Carl with Business And Company Law
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In 2015, Carl set up a sole trading business as a plumber but has experienced serious financial difficulties since the end of last year. Carl can’t pay his creditors and has been telling them since November 2018 that he can’t pay and has been trying to pay small amounts where he can. Carl borrowed $10,000 from a bank against his car and $6,000 from each of two suppliers of parts and equipment. In March 2019, creditors filed a petition to have Carl declared bankrupt and a trustee has now been appointed Carl has $2,000 in his bank account, a car valued at $11,500, a motorbike worth $4,700 and shares in a company worth $5,700. Carl receives $700 per month as compensation for an injury he suffered in 2018. He still has plumbing tools worth $7,000 in his possession though he is now working in a supermarket as a shelf stacker.
Carl created a trust for the benefit of his daughter only in 2016 and the trust holds property worth $15,000. Carl has two employees, Joko and Marco, to whom he owes $5,000 each in wages and entitlements. Carl gifted his piano (worth $5,600) to his best friend on his birthday in late April 2019.
Which of Carl’s assets can the Trustee in Bankruptcy access? How would the Bankruptcy Act 1966 (Cth) determine priorities of creditors under this scenario?