(Answered) Chris is owed pound8500 by john who is declared bankrupt

Management Studies

Chris is owed £8,500 by John, who is declared bankrupt. Chris finds that he is an unsecured creditor and eventually receives only £1,870 in payment.

Calculate:

(a) the rate in the £ which is payable to unsecured creditors

(b) the amount received by an unsecured creditor who is owed £5,450

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