Yong sells an office furniture set to Restrada Pty Ltd for $17,000. At the time...
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Accounting
Yong sells an office furniture set to Restrada Pty Ltd for $17,000. At the time of the sale Restrada Pty Ltd was insolvent although Yong did not know or suspect this. A liquidator is appointed to Restrada Pty Ltd and notifies Yong that he believes the $17,000 office furniture transaction is a voidable transaction. The liquidator intends to apply to the court to cancel the transaction and recover the $17,000 from Yong. Advise Yong if the court will cancel his transaction with Restrada Pty Ltd and order him to repay the money. Use the IRAC method to structure your answer.
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