Assignment Task
Question One
Based on the materials you have studied in this course, does equity deliver justice?
Question Two
Naomi Yamada (??) lives at 77 Second Avenue, Labrador in Queensland with her mother Ayumi Yamada and father Haruki Yamada. Naomi’s mother died recently leaving a will. Naomi tells you:
1. In 1993 Haruki bought the house at 77 Second Avenue, Labrador paying the deposit of $4,400 and a mortgage of $440,000. Haruki is listed as the sole legal title holder of this property. Haruki paid off most of the mortgage from his earnings with the last payment in late 2019. With her return to work as a logistics expert in 2009, however, Ayumi and Haruki reached an agreement that Ayumi would pay all the family bills (utilities, groceries, school fees and holiday spending) and Haruki would pay off the remainder of the mortgage. At that time, Ayumi also made a one-off $50,000 payment to that loan. Ayumi continues to pay all the family bills.
2. As the sole directors of Workshed Pty Ltd, Ayumi borrowed $500,000 for the business in 2016. Unable to get a loan from the bank, Ayumi negotiated a loan from an investors syndicate, the Elvin Unit Trust, that was provided for the sole purpose of building a new warehouse and distribution center at Arundel. In settling the loan, Ayumi provided a letter to the Elvin Unit Trust that Workshed Pty Ltd would keep this money separate from the other accounts, and would only use the money for the new warehouse and distribution center and would pay back the amounts before any other payments to creditors. Unfortunately, only $100,000 has been paid back with the other money being used to fund bonuses for staff in 2019 with the successful contracting of a big new customer, leaving the balance of capital plus interest to be paid back at $670,000.
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