Asked by
Maria Mancebo
on Dec 18, 2024
Verified
ABC company is insolvent. It has two employees to which it owes $7,000 in wages for the last month, owes Canada Revenue Agency $15,000 and the Bank of Winnipeg $20,000. Jill is the sole director. What is her personal liability
A) $7,000
B) $15,000
C) $22,000
D) $29,000
E) $49,000
Personal Liability
Legal responsibility of an individual to answer for debts, actions, or failures, potentially using personal assets to cover obligations.
Canada Revenue Agency
The federal agency that administers tax laws for the Government of Canada and for most provinces and territories.
- Comprehend the obligations and liabilities of directors and shareholders under various circumstances, including insolvency and conflicts of interest.
Verified Answer
KR
Learning Objectives
- Comprehend the obligations and liabilities of directors and shareholders under various circumstances, including insolvency and conflicts of interest.