Mr Holden, a Program Developer, Developed Software for Inventory Control

question 19

Multiple Choice

Mr. Holden, a program developer, developed software for inventory control that was superior to others on the market. He launched an ad campaign and all went well for several months-until a competitor came out with a cheaper program. In time, he could not pay his debts when they became due and owing. A supplier sued for damages and was awarded judgment for $21,000. Holden did not pay. With regard to the supplier's position at this time, which of the following is false?

• A) Since the decision is in his favour, the supplier would be a judgment creditor, Holden, a judgment debtor.
• B) The supplier could have a garnishee order served on Holden's bank, ordering the bank to pay money into court instead of to Holden.
• C) The supplier could examine Holden under oath about his assets and sources of income.
• D) The supplier could obtain a writ of execution that directs a court official to seize Holden and detain him in court until he arranges payment.
• E) The supplier could get a government-authorized official to seize and sell enough of Holden's property to satisfy the debt.

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Definitions:

Goods Deficit

A situation where the value of a country's imports of goods exceeds the value of its exports of goods.

Money Inflow

The total amount of money coming into a business, an economy, or an individual's finances from various sources.

Foreign Purchases

The buying of goods or services from another country, contributing to imports in the purchasing country's economy.

Current Account

A component of a country's balance of payments, reflecting the difference between its export and import of goods and services.