A) Insolvency means that the business has failed to meet at least some financial obligations for at least six months.
B) In order to be effective,an arrangement representing a proposed settlement between the debtor and creditors must be approved by creditors representing at least 20 percent of the debtor's liabilities and by the judge.
C) The bankruptcy filing may be done voluntarily by the debtor company,or it may be done involuntarily by the debtor's creditors in an enforced bankruptcy.
D) A failure to obtain the necessary approval of a proposed settlement between the debtor and creditors may result in the debtor's liquidation.
E) Bankruptcy proceedings start with a finding of insolvency.
G) A) and E)
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A) For the plan to be accepted,one-half of the class of secured creditors must vote to approve it.
B) For the plan to be accepted,two-thirds of the creditors of each class of creditors must vote to approve it.
C) For the plan to be accepted,three-fourth of the creditors of each class of creditors must vote to approve it.
D) For the plan to be accepted,one-fourth of the class of unsecured creditors must vote to approve it.
E) For the plan to be accepted,one-third of the class of unsecured creditors must vote to approve it.
G) A) and C)
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A) The payment was preferential because it was made to a business partner and made within one year of the filing of the bankruptcy petition unless Jasleen can establish that she was not insolvent when the payment was made.
B) The payment was preferential on the basis that it was made to a business partner within one year of the filing of the bankruptcy petition only if the trustee is able to demonstrate that Jasleen was insolvent when she made the payment.
C) The payment was not preferential because it was made over 90 days before the filing of the bankruptcy petition.
D) The payment was not preferential because it was made over 180 days before the filing of the bankruptcy petition.
E) The payment was not preferential because it was made over 120 days before the filing of the bankruptcy petition.
G) C) and D)
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B) False
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A) The Bankruptcy Fraud Protection Act of 2007
B) The Bankruptcy Trust,Reconciliation,and Remedial Amendments of 2000
C) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
D) The Insolvency Protection Amendments of 2006
E) The Bankruptcy Fraud and Consumer Shield Act of 2006
G) A) and E)
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Correct Answer
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