Hi guys, there is something i need to clarify. The situations is related to the investment company that is set up. I'm not too sure how to deal wif these problems and i hope that someone will help me in it.

1) After balance sheet date, one of my brokerage clients called me to express her disgust at making a $100,000 loss in the space of a month after following said broker’s advice. In addition, she has informed me that she is going to take legal action against my company for all losses incurred.

- i think it is a contingent liability. But are there any more solutions?

2) One of my largest brokerage client has also filed for bankrupt. A lawyer’s letter that i just received dated before balance sheet day informs all creditors that for every $1.00 owed, only 20 cents will be paid out.

- Can i revoke the payout and ask for more instead of jus 20cents?

3) Due to a worldwide financial crisis, many companies are going into administration. One of the counters my company has invested in has been hit hard, and the share price is now only half of what it was worth at balance sheet day.

- i think that it is a subsequent event non-adjusting? Any possibility that i have to do adjusting entries to it?

Thx in advance =)