Ratner's Service Centre Encountered Financial Setbacks Over a Period of Time,and

Ratner's Service Centre encountered financial setbacks over a period of time,and eventually found itself insolvent.Among its creditors were the first and second mortgagees of the land and building which Ratner's owned,trade creditors,employees who had not been paid wages,and the municipality,for arrears of property taxes.Ratner's decides not to make a proposal to its creditors.If the first and second mortgagees so desire,they may surrender their security to the trustee,and claim as unsecured creditors in the bankruptcy.