John and George Are the Shareholders of a Private Provincial

question 5

Multiple Choice

John and George are the shareholders of a private provincial company,which has capital assets of $250 000.00.Lately,due to the recession,the company has not been doing well financially,but it is going to issue dividends of $50 000.00 each to John and George.A few days later the company declares bankruptcy.In this case the creditors of the company

• A)can recover the value of the dividends from John and George as shareholders.
• B)can look to the assets of the company.
• C)can recover the value of the dividends from John and George as directors.
• D)can look to the assets of the company and receive the value of the dividends issued to John and George.
• E)all of the above

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