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Broke Pty Ltd borrowed $500,000 from Bad Bank Ltd. Bad Bank Ltd was granted a...

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Accounting

Broke Pty Ltd borrowed $500,000 from Bad Bank Ltd. Bad Bank Ltd was granted a security interest in some of Broke Pty Ltds equipment. Broke Pty Ltd has defaulted on the loan and appointed a voluntary administrator. Advise whether Bad Bank Ltd is entitled to seize the equipment subject to the security interest. Would your answer differ if Bad Bank Ltds security interest covered all the assets of Broke Pty Ltd?

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